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Why You Should Get a Payday Loan Online Instead of Getting a Cash Advance at Your Local Payday Store

Written By emilie dane on Sunday, February 17, 2013 | 8:09 PM


A recent study has found that getting a payday loan online is much more cost effective than getting a cash advance at your local payday store. Many states have capped the allowable interest rates that payday lenders are able to charge and therefore many retail payday stores in those states have been forced to close up shop as they can no longer run a profitable operation. This has created an explosion in online payday lending.

As the government continues to crack down on predatory lending, payday lenders are moving online to issue loans and getting a payday loan online has become much cheaper to the consumer as a result of increased competition between the lenders.

Not only is an payday loan online less expensive than a retail payday loan, but they are also more convenient. Think about it. You can fill out an online application in the matter of 15 minutes and get instant approval online whereas a retail payday outlet you will have to drive there and fill out a bunch of paperwork. You will probably have to sit though an embarrassing interview explaining yourself of why you need this money or how you got into the situation in the first place.

An online payday lender will be able to provide you a small short term loan which range anywhere from $200 - $1,500 and can usually deposit your requested funds directly into your banking account within 24 hours of filling out your online application and agreeing on terms. A retail payday outlet will probably require you to fax information and do other background checks that will slow the process of getting you your money.

If you do want to get a payday loan online then I would strongly recommend going through a multiple lender network that is affiliated with several payday lenders and will make them compete over your loan. These multiple lender networks do not issue the loans themselves but rather act as a consumer's broker and can usually guarantee the lowest market rate. They are completely free and would definitely save you time and probably money. The one I have linked below is one of the top multiple lender networks out there today.

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