Are Online Cash Loans Better Than Storefront Loans?
Online Cash Loans
Have you ever tried using online cash loans during a financial emergency? If yes, then you are probably one of those who have found an additional option in coping with unexpected expenses that come your way.
For most people, family members, relatives, and friends are the most common people they approach in these trying times when they cannot meet their financial obligations. Unfortunately, because of the possibility that they too can be experiencing such problems, it is better to have alternatives like online cash loans handy.
Currently, there are two options that are available to you when considering personal loans. Storefront loans and online cash loans are the most common credit facilities you can avail of when facing financial emergencies.
In general most of the stressful situations that we face in our lives whether we like it or not involves money. Because of this, it is important to consider whether storefront loans are better than online cash loans. This will allow you to decide on what type of credit facility to avail when facing those financial emergencies.
Privacy of the loans
Basically, when we talk of privacy in the context of personal loans, we refer to its secrecy or not allowing another person to know that you are taking out a loan. With storefront loans, it would be quite difficult to do especially if it is located in your neighborhood.
Driving to the store or walking into it would undoubtedly create a bigger possibility of someone who knows you seeing you take out the loan. Online cash loans on the other hand are applied via the Internet which means that you can virtually do it from anywhere as long as you have a computer and an Internet connection.
Security in loan application
One of the most common concerns today is the issue of identity theft or exposure of sensitive personal information to unscrupulous individuals. Taking this into consideration, majority of
Storefront loans normally rely on paper trail by requiring you to fill out application forms on site. The paper trail method used with application forms undoubtedly can expose your personal information to more risk compared to the online method.
Safer loan amount release
Usually when you get the funds for your storefront loan, the money is handed to you directly. This can expose you to potential danger from people who have observed you receiving a substantial amount of money. With online cash loans the release of funds is done via electronic transfer directly to your specified bank account. Undoubtedly, this method is not only safer but more convenient for you. It allows you to withdraw only the amount you need at the time and when you need it.
Preparation of supporting documents for the loan
Simplicity is one of the selling points of online cash loans. This is because availing of online cash loans does not require you to prepare any type of documents. All you have to do is make sure that all information provided on the application form is correct and accurate for the verification.
With storefront loans however, you may be required to submit some type of supporting document either by faxing it or hand carrying it into the store. This requires additional time on your part not only in preparing the documents but submitting them as well.
Lining up for loans vs. signing up
One of the hassles that you normally encounter when applying for storefront loans is that you have to line up and wait for your turn as others finish up with their loan applications. This is not only time consuming but can be a bit uncomfortable especially those who are doing it for the first time. Using online cash loans does not require you to line up, rather, you only have to sign up and submit your application form online. The entire process can be over in about five minutes.
Loans from multiple lenders
When you avail of storefront loans, you usually run the risk of having to go to another location either because the one you are in declined your loan or cannot accommodate it. This can be quite troublesome especially if the next storefront loan location is a bit far. With online cash loans, you submit your application to a single website.
This application is then forwarded to multiple lending companies who in turn send you their loan offers. This means that lenders look for you rather than you looking for them. It also means that you will get the best loan offer possible from online cash loans.
Lightning quick processing and approval of loans
One of the outstanding characteristics of online cash loans is that they can process your application form fast and give you an approval almost instantaneously. This is why it is so important that all the information that you have provided are correct and accurate. With storefront loans, the approval process may also be given quickly, but, undoubtedly, the review of the application form would be significantly slower compared to the process used by online cash loans.
Looking at this comparison, there is no question that online cash loans provide significant time savings compared to storefront loans. Moreover, the simplicity, convenience, and speed of transaction identified with online cash loans make it ideal for those financial emergencies that require your immediate attention. Release of funds from online cash loans is also more ideal.