Are you looking for a payday loan nearby? No problem.
Many legit payday loan providers identify there’s a huge digital divide when it comes to the use of technology, so they accept storefront applications at their various brick-and-mortar locations. The application process is seamlessly fast, and if successful, you walk out with cash just after a few minutes. The greatest challenge, though, lies in finding these locations.
Here we guide you on how to locate these locations. You never know you might like the experience of applying for the loan in person.
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How to Find Payday Loans Near Me
Here are simple steps to help you identify payday loan locally.
In the mean time, if you’re in a hurry why not apply online with one of our recommended payday loans companies instead!
Find out if payday loans limit are legal in your state
Many states have statutes against payday lending. Before you even embark on your search, it’s essential to know your state’s legal stand on payday loans. Some states allow while others ban them. If your state has banned such loans, you might want to consider other alternatives, such as tribal loans, installment loans, or credit card loans.
Also, it should interest you to find out your state regulations on the maximum loan amount, rate caps, if any, and a cool-down period. Usually, you would want a legitimate lender that conforms to the rule of law and the local lending rate limits.
Currently, payday loans are illegal in the following areas:
- New Jersey
- New York
- North Carolina
- West Virginia
- Washington DC
Search Online and List all Lenders Near You
Many online payday loan lenders operate brick-and-mortar locations to cater to those who they cannot serve online. And even if a lender doesn’t offer loans online, it still maintains a website where they highlight their products and services. List all the lenders within your reach. Also, keep it in mind that the internet has so many quakes that prey desperate borrowers. So, be meticulous in your research to only list credible payday loan lenders. The number of lenders you get will depend on the area you live and the legality of this lending business. You might have minimal options if you live in a remote area.
Compare and Contrast the Rates
Payday providers, like any other business, will use their website as a customer information box. So scan through the lenders you’ve identified and weed out those with no stores to remain with your potential lenders.
You may need a loan, but a lender should not punish you for it, so shop for the best rates. Check the terms and conditions each provider offers. Here, compare the potential amount, the maximum number of days you can hold it, and the cost in terms of interest and any applicable fees.
Choose a few top providers and check them out
With all the offers at your disposal, pick two or three providers and pay each a visit. Walking into a store allows you to bargain for a lower rate as there is a personal touch. The personal interaction gives you the first-hand feel of the lender’s customer service, and you may also get to interact with the person who will be handling your loan.
Pick and your lender and apply for the loan
When picking out one, take your time to find out what other people, who have previously used the lender, are saying. As they say, every rumor has an atom of truth. You want a lender that would listen to you in case problems manifest. Don’t ignore the red flags. Dig deep into the company and only choose it if you are confident they are legitimate, the most affordable, and the most outstanding payday loan lender locally.
With this information, when you walk into their store, you already know what to expect. Now, go back to the store, but this time to see through your application. Some lenders may even allow you to start the application online but pick up cash at the store.
Pros and Cons of Payday Loan Stores
Top Payday Lenders with Storefront Locations
Here are five top providers that operate online but have physical locations across different counties in various states:
Eligibility for an in-store Payday Loan
As mentioned earlier, and you’ve learned from the above examples, most online payday loan lenders also operate in-store lending services. So, the application criteria remain the same, whether only or at the store. But on the bright side, at the store, you get to explain your case in person. Whatever your case, though, you should meet the following eligibility requirements:
- Must be 18 years or older. (Some lenders have this at 21 years.)
- Must meet your lender’s minimum income requirement.
- Should be a permanent resident of the state.
- You may to provide a post-dated cheque or provide a checking account with an active debit card.
- Must have a reachable phone number.
- Must provide your Social Security or Tax ID.
In storefront applications, you must not necessarily provide an email address. Also, you don’t need to provide your debit card if you have issued the lender with a post-dated cheque.
If you qualify for the loan, you’ll fill and submit the forms to your chosen provider. But then again, before they award you the credit, you’ll need to agree to its terms and conditions. Your provider will serve you with an agreement form indicating the amount you are borrowing and at what APR, plus all the applicable fees and your repayment date. Once you sign the agreement, you can get the money immediately or a few hours later, depending on your lender.
Repayment of cash loans near me
There are two ways to repay in-store payday loans:
When you apply for a payday loan at the store, you may write the provider a post-dated check for the amount you want to borrow, including the incurred fees and interest. They bank this check on your loan due date.
If you don’t provide a post-dated check, you must give an Automated Clearing House authorization (ACH) to enable the lender to withdraw money from your bank electronically.
In case you can’t pay the loan when it’s due, a lender will call fees and roll it over to extend the loan period. However, some states have outlawed rollovers while others limit the number of times you can do it.
In-store and online payday loans are almost similar. They both offer you access to quick cash, and virtually every lender has both options. But the two deliver contrasting experiences. Online payday loans remain ideal for internet-savvy individuals seeking fast cash at the comfort of where they are, any time of the day. However, borrowers have less information about the product. On the other hand, older and a few young people love the in-store option for its personalized service and the fact that you receive your money in person or through a convenient method of your choosing. On the flip side, the borrower can only access these stores during standard business hours.
Must I write a post-dated check to get a payday loan?
No! A payday loan is offered to you with your paycheck as the security, so you pay the money on your next payday. To facilitate this, you can either write the lender a post-dated check or grant them access to your account by authorizing ACH such that they automatically deduct the amount on the due date.
Can I have the funds deposited in my bank account at a payday store?
Yes. Most lenders prefer to pay you through your account. However, you can choose to walk away with cash as well.
Why do I’ve to provide my pay stub and employer information?
Before the lender awards you a loan, they must make sure you are in a position to repay the loan, not just for the business, but also as a legal requirement. What’s the better way to know your financial ability if not by checking your source of income? The information in your pay stubs proves your ability to meet your loan obligation.
Can in-store lender fund my prepaid debit card?
Yes! Some lenders offer payday loans for that specific purpose. However, you must confirm with your lender to find out if they are open to such an arrangement before you agree to the loan.
Do Payday loan stores offer an extension?
Yes, most lenders will allow you to rollover your loan subject to applicable fees and the existing state law on the same. However, extensions increase the cost of your credit. It would be better to talk to your lender to work our an amicable plan to repay your loan.