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Payday Loan Stores
Payday loan stores are a great way to get cash fast when you are missing the funds to make it to your next paycheck. However, there are many difference between storefront payday loans and payday loans online that the consumer needs to be aware of. These differences include the way you provide security for the loan and the timing of when you get the money you need.
Paper Checks versus Automated Clearing House
Possibly the biggest difference between online and cash advance stores is that stores will require you to provide them with a post dated physical check. They give you cash on the spot and you either have to return to the store on your payday and exchange cash for your check or allow them to deposit your check on your pay date. On the other hand, online payday loans normally utilize a PPD ACH authorization to both provide you with the funds from your loan and to recoup the fee and/or principle amount of the loan. There are pros and cons to both processes.
Timing of Cash
When you borrow from a payday loan store, you usually receive the money instantly in cash or sometimes on a prepaid debit card. Online loans are usually put into your bank account the next business day, assuming you are approved prior to the cutoff time (usually early to late evening). This can be an issue, since someone approved for a payday loan online at 10pm on Thursday may not receive the funds until Monday morning. Some online lenders tdo offer same day payday loans. However, standing in line at a payday loan store and filling out an application by hand can be a real invconvenience, while filling out an online application is much easier, more convenient and doesn't cost as much in gas!
Pre-Authorized Debit (PPD) ACH versus Paper Check
Another advantage to using an online payday loan company is that they use PPD ACH to secure your loan. PPD ACH authorization can be withdrawn at any time by a consumer, per the ACH regulations. Meanwhile, a paper check is harder to stop the store from using and depositing, even if you may not have funds available. Further, in some states, stores will utilize the criminal bad check statutes to coerce you into paying a past due loan. To be fair, this practice is outlawed in many states, but some still allow it.
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If applying for a loan online seems like the right choice for you, please CLICK HERE to get the cash you need fast using our secure application. You will get an instant decision and if you're approved, cash will usually be available to you the next business day.
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