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Storefront Lenders: Get Money With Bad Credit

Tuesday, February 25, 2020 13:42

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Storefront Lenders: Get Money With Bad Credit

It doesn’t matter how much we plan our lives. There are simply times when it catches us by surprise living us in need of emergency funds. Fortunately, there are a lot of different loan options available that we can explore in order to get the cash we need.

Storefront Lending vs. Online Lending

The two most popular options lending options are definitely storefront lenders and online lenders. A storefront lender is a financial institution that offers loan options that you can apply for by visiting a brick-and-mortar office. Online lenders, on the other hand, are those that you can find through the internet that has their application process done completely online.

Some people prefer online lending because of its convenience. You can apply at any time and you can send over your requirements via email. Aside from this, some people also find that lack of human interaction to be a great comfort especially if you’re the type who gets embarrassed by it.

On the other hand, there are people who prefer storefront lenders for a variety of reasons—such as those that we are going to share with you in this article today.

It Is Easier to Apply For

Most online lenders prefer a good credit score in order for one to get approved. Since there’s no way to get to know their clients personally, it is their way to ensure that the person they are lending money to is reliable enough to pay in full.

Storefront lenders, on the other hand, seek to forge a more personal relationship with the borrowers, and yes, that includes those with bad credit scores.

They Offer More Flexible Options

Speaking of working with their clients personally, storefront lenders also offer more tailor-made loaning plans. They can tweak the payment details and interest rates according to the borrower’s needs and means.

Aside from that, since they are required by the law to abide by the state’s lending regulations, their interest rates are usually lower as well.

Say Goodbye to Waiting Time

Is there anything more frustrating or stressful than waiting for the email that tells you whether you got approved for the loan you applied for…or not? Storefront lenders have another advantage in this regard since you can easily ask the agent at the office on how long can you expect to wait.

Not only that, but there are also a lot of institutions that offer same-day approval. You can simply walk-in, apply, and get approved in just a few hours.

There’s No Guesswork

Finally, another thing that we really appreciate is the fact that you have someone to talk to personally. The agent can walk you through the entire application process and answer your queries right away. There’s no need to scan through a long FAQ page, wait for a chat assistant to go online, or worse, chat with an AI that is simply ill-equipped to answer very specific questions.

But if there are advantages, then there are surely disadvantages as well. Storefront lenders aren’t perfect, after all. Here are their cons:

They Can Be Harder to Find

There are a lot of storefront lenders out there, but since most of them do their transactions offline, their marketing efforts are usually done offline as well. This means that it can be quite challenging to search for them online unless they have their own website or online listing already.

They Might Require a Post-Dated Check

This will serve as a security deposit for them to ensure that your loan gets paid. So what happens? Well, they will provide you with the due date of when you will need to pay your debt in full, but if for some reason you missed it, they will then process the check to still get the amount you owe.

We definitely recommend meeting your due date since it can significantly affect your chances of getting approved and growing your credit limit should you choose to borrow money from them again in the future.

There’s No Online Payment Option

It’s very easy to pay or transfer money online, however, most storefront lenders will require you to settle your debt in person by visiting their office. Fortunately, there are those that offer multiple payment options already, and yes, some include online methods. In fact, there are a lot of storefront lending businesses that have their own website already.

The Verdict

Both online lending and storefront lending have their own pros and cons. Their biggest difference though lies in the actual experience. In the end, it will boil down to what kind of borrowing experience you prefer. Do you enjoy the convenience that online lending provides or would you rather create a more personal relationship with your lender and go for the storefront lending option instead? Anyway, we hope that you have found our article informative and interesting. Good luck!

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