Payday loan shop vs online lender: which to use and why?
When deciding upon getting a payday loan, one of the things you must consider is whether you would prefer to deal with an actual high street shop or use an online lender.
A physical shop does provide that sense of ‘security’ in terms of knowing who you are dealing with and also provides a personal point of contact.
The online lender however provides 24/7 access and a much faster application process. It is also the most convenient.
Which one you choose is entirely down to how important the aforementioned factors are to you, there are no real downsides to either.
That said, there is one drawback to the physical shop that the online lender doesn’t suffer from: competition. There are many more online companies than there are physical shops.
What this means to you, the customer, is greater choice. The ability to literally shop around for the best interest rate or customer service provider.
Very few lenders operate physical premises for you to visit. It is more cost-effective for them to operate online only. This doesn’t mean you get an inferior service but it does mean you cannot meet face-to-face.
We style ourselves as a shop but remain online only. Our ‘shop’ is termed such because we provide you with loan options; you can decide between short term and instalment, for example. Two different services. In addition we also provide a free Broker service where we literally shop around for you to find a lender to match your needs.
As such, we too, are a payday loan shop. There is no shortage of choice in the Market which is healthy. Naturally, the customer does need to do some homework and decide which lender to use.
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