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Is a Payday Loan by Phone Outdated?

With the introduction and popularity of the internet, the proliferation of payday loan shops, and the many options for making more money without taking out payday loans, you might wonder whether the payday loan by phone is officially outdated, or if it's still a viable, smart way of borrowing money.

It's hard to say just when payday loans were invented. In their present form, they were a recent invention, as bank accounts and paystubs and similar things are important parts of the payday loan process, but the payday loan by phone could have existed for much longer under the radar. This type of loan has been an important alternative for many people on low incomes or with unexpected bills to pay off for years now.

There are three “traditional” ways of getting a payday loan: payday loans over the internet, loans given in person, and the payday loan by phone. Internet loans are a bit riskier, because you don't know where exactly you are sending your personal information, but a great number of legitimate companies exist online and with due diligence, you can find an honest one. In person loans are one of the easiest routes, as most larger towns and many small ones have a payday loan store. Finally, loans by phone have been an easy go-to for many people who don't like using the internet and would prefer to talk to someone in person without the hassle and embarrassment of visiting the physical store outlet.

Some people argue that not only is the payday loan by phone outdated, but the payday loan itself is outdated. It's true that there are more alternatives to payday loans in this era, but this option is increasingly socially accepted, and it's easier to find a good lender now than years ago when you might have to settle for the first one you found.

There are disadvantages to the payday loan by phone, but there are also advantages: you talk to a real person rather than a computer, you don't have to leave your house or be seen visiting the loan store, and you can record all the information about the loan you wish before committing to it.

Overall, it doesn't seem that the payday loan by phone is outdated. Plenty of companies still offer this option, and enough people take it that it's a perfectly viable and acceptable way of getting through a financial crisis.

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