Online and Offline Instant Cash Loans Compared

Instant cash loans can be a financial necessity when other funds are not available to pay immediate expenses. In today's culture of convenience, there are both online and offline options for getting cash advances. The requirements and methods differ slightly, so, depending on your needs, one option may be far better than another.

Traditional offline cash advances may or may not require a credit check or Teletrack check. Advances based on credit checks typically carry lower interest rates since they are lower risk loans than payday loans that are based only on proof of income. Banks and credit unions may be able to offer you advances based on your credit history or preexisting line of credit, such as a credit card. Just show up with a state-issued ID and your credit card if you plan to use it. Payday lenders may use Teletrack to see whether you typically pay cash advance loans in a timely manner. Since this check reduces lending risk, it also reduces fees.

Online cash advances come in two primary forms: completely automated and partially automated. Completely automated online cash advances begin and end online. For these, you need a checking account with direct deposit and proof of employment. The money you need can be placed directly into your account usually within an hour. Partially automated advances start online and end at a lending location. You can provide information online so that your money is ready for you when you show up to get your cash from the lender. This option is best for those who do not have a savings account with direct deposit and would like to minimize the time they need to spend at the lending institution, especially if they plan to use a lunch hour to get their funds.

The fees and options for both online and offline loans vary greatly, but both can be researched online or buy giving potential lenders a call. Before you borrow cash, you should have a plan to repay the loan. Based on your circumstances, you can decide which fees are most important to minimize and which options (such as repayment deferral) you will need available. Whichever lender you choose, make sure you are comfortable communicating with the lender so that you can get answers to all of your questions and make any special arrangements necessary to fit your needs.


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