We live in an online world. Almost anything can be done through the internet now: shopping, learning, and yes, even borrowing money. There are a lot of online financial institutions and storefront lenders already that offer various loans and payment terms.

It's no secret that a lot of people (especially younger borrowers) prefer this method because of its accessibility and convenience. Anyone can start the borrowing process right now by simply doing a quick search and filling up an online form. There are even those that offer same-day approval if the borrower has a good credit score and the proper documents were sent over promptly, usually via email.

Take note, though, that the keyword here is a good credit score. Since the entire process is done online, there's no other basis for a lender to trust you. This is definitely one of the reasons why we recommend storefront lenders for those who need the cash but lack the score.

The Benefits of Opting for Storefront Lenders

This might come as a surprise, but according to statistics, 73% of borrowers actually opt for storefront lenders to apply for a payday loan. Why? 

That's probably due to these benefits:

• Human Interaction: The main issue with online lending websites is that there's no human interaction. Every transaction is done through the internet, and while that's convenient, it can also be very intimidating and daunting as well, especially for first-timers. Nothing can replace the assurance of having an actual human being in front of you to talk to.
• Legitimacy: Visiting a brick-and-mortar office offers an extra element of trustworthiness to a borrower, knowing that there's somewhere you can physically run to in times of need. They also provide more transparency, not to mention that their accreditations, certificates, and permits are more easily seen. You are also assured that they abide by the state's lending policies.
• Promptness: There's nothing more stressful than waiting for a reply that might not even come. Storefront lenders, on the other hand, can provide you with an immediate response regarding your application and give you details on what you can expect. This is one of the challenges which storefront lenders solve.

• Better Experience: Finally, storefront lenders can provide a better and more personal experience. Their staff can walk you through the application process and answer any concerns or queries right away. In fact, since transactions are done in person, they can even help you create a more tailored plan that better suits your needs and means, rather than applying for the limited and fixed options that online lenders provide.

What to Expect From Storefront Lenders

If you do decide to choose this route, here are some things that you can expect:

• Storefront lenders may ask for a post-dated check for security. There are storefront lenders out there that require a post-dated check so just in case you are not able to pay them on time, they have a check that they can process as a payment.
• They can offer different payment options. There are lenders that require you to pay in their office, while there are others that accept via bank deposit. There are even those that also offer online methods of payment.
• They are available online as well. Speaking of online methods of payment, there are a lot of established storefront lenders that also have their own website that you can access and apply through. In fact, there might even be more storefront lenders that have an online portal than online financial institutions that have an actual brick-and-mortar office that you can visit.

The Process

As a reference, here's the general application process. Just keep in mind that it may vary according to the institution's specific methods and policies:

• Visit the office. The first thing that you need to do is to pay a visit to your chosen lender's local office.
• Do the paperwork. The clerk will provide you with the forms that you need to fill-up as well as the list of necessary documents that you need to submit in order to get approved. This can also include the post-dated check that we have mentioned earlier.
• Work out your terms. The agent that's going to handle your application will create a plan that will best suit your needs. This will include the amount that you can borrow, the installment length, and of course, the interest rates.
• Wait for your application to get processed. There are institutions that offer a one-day application process where you can get approved that same day. Congratulations! You've just been granted your loan.

Final Thoughts

Taking out a loan shouldn't be too hard and most importantly, they shouldn't take too long. In the end, we will always prefer the opportunity to talk to our lender directly than constantly refreshing our inbox, waiting for a final response we cannot even negotiate with. How about you? What sort of lending option do you prefer?

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