When looking for a cash advance, you may feel all payday advances are equal, but this is NOT always the case. Depending on your needs you may want to find your best local payday store or go online. We have compiled a check list of common needs/requests for payday advances, so you can find the best product that works for you.
1) Over 18, whether you are applying online or in-stores you must be over 18 to apply. Both types of lenders will ask for your license to confirm you D.O.B.
2) U.S. Citizen, all online lenders will ask for your social security number before your loan will get funded however, not all payday advance stores require a social security number to complete the loan, but many of them are starting to do so.
3) Income. Whether you apply in store or online, most lenders require their customers to make at least $800 a month to be eligible to receive a payday advance.
4) Open and active checking account. While local payday loan stores will hold a check until your next payday and then cash it online lenders works slightly differently. They will need your banking information and basically you to sign a contract letting them automatically withdraw the money owed (loan amount plus interest) on a certain date.
5) Neither type of lender will loan to military personnel, due to the usury cap of 36%, when lending to military personnel. Its not profitable so they can’t conduct these loans.
6) The biggest difference is convenience and customer service. While proponents of online loans, love the convenience, proponents of in-store loans are more concerned about the person-to-person customer service only available at their local store.
7) Loan Shopping- One of the nicest features of online payday advances are the ability to apply to a multiple lender payday advance site, and have them do the loan shopping for you. Instead of shopping each local payday advance store to find the best interest rate and highest loan amount, most multiple lender sites do that work for you free of charge.
Whether you apply for a payday advance online or in-store, make sure you understand all the terms and conditions associated with that loan, including fees and loan due date, before you accept or enter in to any contractual agreement.