Payday Loan Stores vs Online Payday Loans
Today I will be comparing payday loan stores against online payday loans. The focus here at Payday Loan Companies if of course online payday loans - there are many reasons for this that will be covered in this article today. Many of you may not have stumbled upon a payday loan store in your lifetime, but you'd be surprised at just how many there are in circulation. In Canada, one of the big names is Money Mart (National Money Mart) who have over 460 payday loan stores scattered across the country and they have been around for over 25 years. Money Mart are also the guys behind The Money Shop here in the UK; there are around 250 Stores. Just the thought that they have so many brick and mortar stores suggests to me that they do receive a great deal of business, but for just how long will they be able to keep that up for?
What The Money Shop does do extremely well is provide really cheap payday loans. As printed on their website: "Pay only 9.99 (normally 14.99) for a 90.01 loan with our Special Cashback Offer. 260.2% APR typical!" Firstly, let's forget APR (since it is an annual rate), the normal rate would equate to just under 17% interest, whilst this new deal would equate to 11% interest. That sounds good to me, most online payday loan lenders would provide a loan for the average interest rate of 25% and so there is certainly a better deal to be had by heading down to your local Money Shop store. Other than providing arguably the cheapest payday loans, I have to say that there's not much more going for the old school payday loan store. Not only do you have to find out where one may be in your local town, but you'll have to drag yourself down there and jump through a few hoops when you apply.
Once you arrive there you will have to have a valid cheque guarantee card, you will have to bring your cheque book, you will have to bring a bank statement and you will also need to bring a wage slip or two. You'll probably be restricted to the amount of cash that you can borrow at once, you will have to pay back the loan when they say and they may even turn you down for the hell of it! Already at this point the cheque guarantee card would cancel out many consumers and some of us just have basic debit cards without the cheque books. Bank statements? Wage slips? These won't usually be required when you apply for an online payday loan and the various UK payday loan lenders offer you the chance to extend payments and Wonga for example will allow you to choose how many specific days you would like to borrow the cash for.
Tracking down a payday loan store and then having to head down there is another drawback in my eyes - you can apply for an online payday loan and have your cash in your bank account within 60 minutes without having to move from your chair. There are just so many reasons why online payday loans are so much more efficient. The Money Shop now say that they provide online payday loans, but on further inspection they actually don't! What they do is simply forward you on to Payday Express who are a direct lender that can be found on these pages. It's a similar case in Canada and the United States whereby these monster payday loan stores have been around for decades and have so much experience and yet in recent years they just haven't been able to keep up with the online payday loan companies that make the whole process so much more easier for us all.
Just to add, this article was not made to flame The Money Shop. They are actually for me the best payday loan store across the UK with the impressive 11/17% interest rates. Other general payday loan stores across the UK and the globe tend to offer interest rates between 15/30% and they will no doubt have even more hoops for you to jump through. The general point to be made today is that no single payday loan store can compete, it's just a case of us all moving along with the times. In the old days, if someone wanted to pay us some money between accounts you'd have to run along to your local bank and pay in a cheque that would usually take several days to clear. Today from the comfort of our own home, we can (via online banking) simply make a BACS payment between the two bank accounts that will take no more than a few days to clear.
Payday loan stores do provide better interest rates at this time, but the strange thing is that you can just imagine due to the competitive nature of the payday loan industry that the payday loan lenders will be dropping those rates against the competitors. When you have such domination from payday lenders such as PaydayUK and QuickQuid, it makes sense to me that the newcomers will go ahead and lower those interest rates. Of course, payday loans have continued to grow in 2010 without slowing down a mere inch. This is why we are seeing more brokers, more lenders and stacks of new payday loan websites popping up all of the time. Online payday loans have boomed and this trend is set to continue for some time yet! On the flip side, with the profits slipping out of their hands and the ever expensive overheads to keep up with - you just wonder how long these payday loan stores will continue to function.
(tags: emergency cash til payday, online cash advance companies, payday loans online uk, sameday loan, very fast loan until payday)
Today I will be comparing payday loan stores against online payday loans. The focus here at Payday Loan Companies if of course online payday loans - there are many reasons for this that will be covered in this article today. Many of you may not have stumbled upon a payday loan store in your lifetime, but you'd be surprised at just how many there are in circulation. In Canada, one of the big names is Money Mart (National Money Mart) who have over 460 payday loan stores scattered across the country and they have been around for over 25 years. Money Mart are also the guys behind The Money Shop here in the UK; there are around 250 Stores. Just the thought that they have so many brick and mortar stores suggests to me that they do receive a great deal of business, but for just how long will they be able to keep that up for?
What The Money Shop does do extremely well is provide really cheap payday loans. As printed on their website: "Pay only 9.99 (normally 14.99) for a 90.01 loan with our Special Cashback Offer. 260.2% APR typical!" Firstly, let's forget APR (since it is an annual rate), the normal rate would equate to just under 17% interest, whilst this new deal would equate to 11% interest. That sounds good to me, most online payday loan lenders would provide a loan for the average interest rate of 25% and so there is certainly a better deal to be had by heading down to your local Money Shop store. Other than providing arguably the cheapest payday loans, I have to say that there's not much more going for the old school payday loan store. Not only do you have to find out where one may be in your local town, but you'll have to drag yourself down there and jump through a few hoops when you apply.
Once you arrive there you will have to have a valid cheque guarantee card, you will have to bring your cheque book, you will have to bring a bank statement and you will also need to bring a wage slip or two. You'll probably be restricted to the amount of cash that you can borrow at once, you will have to pay back the loan when they say and they may even turn you down for the hell of it! Already at this point the cheque guarantee card would cancel out many consumers and some of us just have basic debit cards without the cheque books. Bank statements? Wage slips? These won't usually be required when you apply for an online payday loan and the various UK payday loan lenders offer you the chance to extend payments and Wonga for example will allow you to choose how many specific days you would like to borrow the cash for.
Tracking down a payday loan store and then having to head down there is another drawback in my eyes - you can apply for an online payday loan and have your cash in your bank account within 60 minutes without having to move from your chair. There are just so many reasons why online payday loans are so much more efficient. The Money Shop now say that they provide online payday loans, but on further inspection they actually don't! What they do is simply forward you on to Payday Express who are a direct lender that can be found on these pages. It's a similar case in Canada and the United States whereby these monster payday loan stores have been around for decades and have so much experience and yet in recent years they just haven't been able to keep up with the online payday loan companies that make the whole process so much more easier for us all.
Just to add, this article was not made to flame The Money Shop. They are actually for me the best payday loan store across the UK with the impressive 11/17% interest rates. Other general payday loan stores across the UK and the globe tend to offer interest rates between 15/30% and they will no doubt have even more hoops for you to jump through. The general point to be made today is that no single payday loan store can compete, it's just a case of us all moving along with the times. In the old days, if someone wanted to pay us some money between accounts you'd have to run along to your local bank and pay in a cheque that would usually take several days to clear. Today from the comfort of our own home, we can (via online banking) simply make a BACS payment between the two bank accounts that will take no more than a few days to clear.
Payday loan stores do provide better interest rates at this time, but the strange thing is that you can just imagine due to the competitive nature of the payday loan industry that the payday loan lenders will be dropping those rates against the competitors. When you have such domination from payday lenders such as PaydayUK and QuickQuid, it makes sense to me that the newcomers will go ahead and lower those interest rates. Of course, payday loans have continued to grow in 2010 without slowing down a mere inch. This is why we are seeing more brokers, more lenders and stacks of new payday loan websites popping up all of the time. Online payday loans have boomed and this trend is set to continue for some time yet! On the flip side, with the profits slipping out of their hands and the ever expensive overheads to keep up with - you just wonder how long these payday loan stores will continue to function.
(tags: emergency cash til payday, online cash advance companies, payday loans online uk, sameday loan, very fast loan until payday)
