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Advantages of Payday Loans Online

If in need of money for last minute deals, unpaid bills, or perhaps a forgotten present, payday loans may be the perfect option. Most people are familiar with numerous payday loan companies that seem to be on every strip mall. However, payday loans are also available online.

Unlike the traditional payday cash loans from physical buildings, payday loans online are more convenient, cheaper, confidential, and flexible. Traditional payday loan companies charge exuberant annual percentage rates (APRs), sometimes as much as 900% interest. Online payday loan companies, on the other hand, have significantly lower overheads. Without physical buildings and multiple staffs throughout the country, they save a lot of money; allowing them to pass those savings on to the customer.

Depending on the lender that you use, you may have to meet further requirements to qualify.

If reduced APRs are not enough, payday loans online also offer much needed conveniences. Online payday loans offer the convenience of money without the hassle of travel. Most offer services such as direct depositing into one's checking account or express mailing checks overnight. Online payday loans also offer more flexibility than traditional payday loans in Oklahoma. In fact, they give borrowers the ability to pay off the loan either in one lump sum or over a period of up to 20 months. Applying online is quick, easy, and discreet. In the unfortunate case of a loan decline, at least customers did not waste valuable time and money going to a store.

Online loans do have some disadvantages, however. Perhaps the most obvious is not receiving cash on the spot. Although electronic deposits are very quick, they are not instantaneous or cash. This may be a problem for someone trying to avoid another day’s late fee. Another problem with online loans is the required internet connection. This generally is not a problem because most households have internet connections or nearby wifi hotspots and libraries; but for some families, it is an inconvenience.

Plain Green Loans is one example of an online payday loan company. They try their very best to solve some of the disadvantages of payday loans. First, they offer competitive rates, consistently lower than the competition. Second, they offer flexible payment plans expanding all the way to 20 months. Finally, Plain Green Loans also rewards customer loyalty; lowering APRs with return customers as well as increasing loan amounts up to $2,500. Online loans offer a more convenient and cheaper alternative to traditional payday loans.


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