The “where” is a serious issue with payday loans in 2012. Many states have simply banned payday loans completely and others have restricted them in such a way that they are very difficult for people to obtain in an easy manner. This usually doesn’t have a lot to do with the customer but instead is due to regulations imposed on the lenders.
This leads people to have to choose from a smaller pool of payday loan companies in certain states. California, for example, does give payday loans but most traditional payday loan companies are severely limited in what they can do. The state maximum is quite limited and people may find what they are eligible for simply isn’t enough for their specific purposes.
What Are My Options?
You will basically have two options no matter where you live or what you’re doing. These two options are physical payday loans and online payday loans.
A physical payday loan is the one you may already be familiar with. This is where you go to the office, hand them a post-dated check and get money right there. Some companies also do everything using your bank account information instead. They can use your routing number and account number in place of an actual, physical check. This is pretty convenient if you don’t use actual checks anymore.
An online payday loan company will work basically the same way except you don’t have to go anywhere. Most newer ones have created their sites so you can apply using most mobile devices instead of just a PC. This can be especially handy if you’re traveling a lot, on vacation or simply don’t use a traditional computer of some kind.
Is One Method Better?
Really, we think the online companies work better in most circumstances. If your state has a ban on payday loans, for example, you can usually find some type of alternative payday loan company that can legally operate in your specific state. This can be invaluable. In states where payday loans are limited, this can also be a great option.
If you live in a state like Wyoming or Alaska where there is a lot of wide open space, online payday loans are usually the way to go as well. What good is a $200 payday loan if a large chunk of that is spent on gas simply going to and from the payday loan office?
How Fast Are Online Payday Loans?
An online payday loan can be completed from beginning to end in as little as one hour in many cases. This will depend on whether or not a traditional loan is allowed where you live of course. You may even be able to find a few physical offices in your area that offer “1 hour” loans as well. It’s a good idea to call around or do a quick Internet search to see what companies offer what specific loans and get an estimate of how long it will take.