What Are Payday Loan Stores?
Payday loans are immediate rescuers from cash crisis. These short-term emergency loans can be availed within one day of application. Without running a traditional credit check, lenders approve loan applications. A loan approval means access to quick cash up to $1,000. These cash advances can be availed in two ways. Either you can apply to lenders like EZPaydayCash that operate online- without visiting a store, and get funded within 24 hours or you can go to a payday loan store run by other financing companies, and apply physically.
These payday loan stores check your basic details- just like the online direct lenders. With proof of citizenship/resident status, one can go into a store by the road, and come out with cash in hand. It also depends on the other criteria if you would be funded and how much. Being an adult with a regular income source is a must-required qualification to get approved.
Nowadays, the store based lending is not that popular. Borrowers prefer to stay at home and apply online to take out a payday loan via phone or computer. Besides, the payday stores are not present on every corner of the street, and one needs to find one and apply- possibly without comparison. On the other hand, over the internet, a debtor could check multiple lenders and apply within a few minutes. Some lenders may operate both online and in stores, though.
What Are the Check Cashing Outlets?
Primarily, check cashing outlets are the places where you can go with a valid check, and get cash in return by paying a fee. Low-income and working individuals depend on these outlets more than anyone else. That is because they do not have a bank account. Mostly, the payday loan borrowers of a non-banking background visit the outlets to convert the payroll loan checks into cash. Apart from that, these outlets have many services.
People also visit the check-cashing outlets to cash personal checks, government checks, insurance checks, cashier’s checks, and even money orders. Not only that, some companies that offer these services also are payday lenders that operate in stores. For example, if you want a payday loan, you can go to a check cashing outlet just like a payday loan store, complete the same application process and get funded. At the same time, if you have got already a payroll loan check, and you want to convert that into cash, you can get that done here too- just by paying a fee.
It is, however, better to have a checking account and apply directly to an online lender like EZPaydayCash and get the loan amount right in the account- without leaving the comfort of your home.