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What’s the difference between a check cashing service and an online payday loan?
Although check cashing service and an online payday loan are very similar in nature, there are similarities and differences between the two you should be aware of prior to making your decision. In the end, both will grant you money instantly between two paychecks allowing you to pay for unplanned expenses.
A check cashing service is what most of us are accustomed too. They have physical locations across the nation where you go see a clerk behind a counter to exchange a post-dated check for some cash. The rule of thumb with these types of places is they will charge a 15% – 20% interest rate depending on the length of your loan. For example, the closer you are to your payday when applying, the lower the interest rate. The standard procedure involves writing a post-dated check to coincide with your next pay cycle with the interest owed to the institution you are dealing with. If you need $1000 today, the check you will be issuing would be for $1150 assuming a rate of 15%. You instantly get the money in your hands to walk away with.
As for an online payday loan, the entire process, just as the name states, is done online. There are many advantages to proceeding behind the anonymity of a computer screen. You no longer have to embarrass yourself by standing in line feeling like your begging for money. You no longer have to face the clerk’s judgment. You can do it all in the comfort of your own home. The second you are approved; you usually receive your money within the hour through direct deposit. The same procedure is done for the repayment of this loan. Everything is automatic. You may also want to compare everyone’s rates online. With a quick search, you have access to countless providers competing for your business. This means, not only will have a greater selection of rates, but you will also have access to feedback from actual clients to help you base your decision.
We understand having to use a payday loan services can be a difficult decision, but going online provides eliminates many of the disadvantages a check cashing service poses. We encourage you to use these types of services responsibly and always double check your security setting before engaging in any financial transaction involving sensitive information online.