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  1. 1. Given the bad rap that payday loans and shortterm cash advances often receive in the media, it is no wonder that there is some confusion in regards to the actual payday loan companies themselves. There are differences that you need to be aware of, especially if you are thinking about getting a loan to tide you over. Although there is often negative publicity, payday loans also have their advantages and you need to be aware of these as well.
  2. 2. Basically there are payday loan companies that offer their short term financialservices from a physical location, and then there are those that are availableand accessible online The physical locations may also have a web presencein order to extend their services to a wider base than their current locationachieves Alongside these payday loan companies, there are also payday loandirectories that can match you with a lender, based on the information that youprovide to them Many of the actual sites you find online will be a directoryservice that conveniently locates lenders to suit your circumstances You willfind payday loan companies with a physical storefront location in manyshopping malls and local neighbourhood centres
  3. 3. These can also be convenient when you need emergency cash, howeversome people can get a little embarrassed about others seeing them enteringthe store The main difference with a store front and online lenders is that thestore front will often have the cash to hand over to you on the spot Paydayloan companies that offer their services online will need to deposit the moneyinto your bank account Although this may not be immediate, most payday loancompanies will actually transfer the funds to your account on the same daythat you are approved
  4. 4. So both methods of short term lending have theiradvantages and disadvantages You will always need to be wary when you areshopping online for a short term loan because there are still those that set upfraudulent sites in order to get some valuable dollars from you When youapproach payday loan companies, whether that is online or offline, you wontneed to pay the interest fees or application fees, if any, upfront If you comeacross a site that is asking you to pay a fee for their service upfront, then yourradar should go up and you need to reconsider your options
  5. 5. When you are short of cash you often wouldnt have this extra money on handanyway and reputable payday loan companies understand this Reputablepayday loan companies will inform you of all the fees and charges that mayoccur, including what will happen if you default on the loan You should not beleft guessing when you apply for a payday loan, and before accepting the offerthat is being made to you, it is in your best interests to read over all of theterms and conditions again, just to be sure If you have applied for a short termloan and you have been provided with an acceptance offer, you are still underno obligation to go ahead with the loan if you change your mind
  6. 6. Of course, once you have already accepted the offer from the lender, you willneed to see it through until the loan is repaid in full, including any interest andfees that may be charged Payday loan companies will all provide a short termloan solution for those that need them, however they are not all the same andwill also have their own sets of terms and conditions Many may be extremelysimilar, however it is important that you look for the differences beforeaccepting any offer that is provided to you
  7. 7.