Let’s say that you are in the market for a payday loan but it is late and the places where you could normally get a payday loan are closed. Or, perhaps you could not get a payday loan because you do not meet the strict requirements for a payday or cash advance loan in your state. Today with the functionality and ease of use that we have with the Internet, we can apply for a cash advance loan online, but is this option really the best for you?
Keep in mind that while online cash advance loans are available to those looking for extra payday loans there are still requirements and guidelines to be met. The interest rates for online cash advance loans are much higher than those for cash advance loans in your immediate area because they are not subject to the rules and regulations for your particular state. Also, while an individual may be prohibited from taking out more than a particular number of loans in person, this may or may not apply online.
With an online payday loan, you have given permission for that financial institution to access your account upfront, whereas with a regular cash advance you have to come into the store to pay off your loan in cash. Because the money is taken out “before you can see it”, you may find it more difficult to pay off that online payday loan than you normally would a regular cash advance. Another thing to keep in mind is that once you are approved for the loan, you have to make special arrangements to actually stop the loan from being reinstated; while it may be easy to get the loan upfront, actually getting through to the establishment to work out an arrangement to close the loan may prove more difficult than you had originally thought.
The establishment I had my online cash advance loan with always emailed a confirmation telling me that I would have the money debited from my account by a certain date, usually a week before since I was being paid every other week. If I actually wanted to close the loan, I would call a toll-free number to make arrangements to pay it off once and for all. I was paying around $80 for a $200 loan; by comparison my other loans cost me $30 per $200 loan. Getting approved for the same amount I did in real life may have cost me around $200 for a $500 loan, as opposed to the $75 I was paying; but I could never get approved for more than $200 online. This is but just a few of the ways in which online cash advance loans differ from conventional cash advance loans …