What is the Difference Between Online Loan Companies and Cash Advance Stores?

online payday loanWhen you are in need of cash, you can opt to get a short term loan from two sources: traditional brick-and-mortar payday loan stores or online loan companies like Lendgreen. These two loans are fundamentally similar, involve the same amounts of cash and have similar interest rates. The main difference between the two lies in ease of application, speed of payment, security, customer service and privacy.

But first, let’s take a brief look at short term loans. A short term loan is given against your next paycheck. This means two things: first, you need to be employed at the time of making the application and second, you do not need to provide collateral. Other conditions include your age (you must be 18 or older), citizenship or residency (you must be a permanent resident of the specified state) and bank account (you must have a verifiable bank account).

The following are the differences between getting a loan from a brick-and-mortar cash advance store and a loan from online loan companies:

  • Application process: An online loan application process involves filling out an online form and submitting your personal information from the comfort of your home, anytime you like. The entire process takes less than 10 minutes. With a brick-and-mortar store, you may have to drive to the physical location of the lender, complete a paper form, and wait in line behind other customers. The entire process usually takes much longer.
  • Customer service: Online loan companies like Lendgreen offer great customer care that can assist you through every step of the process. Once you’ve submitted your application, a representative will contact you to complete the loan process and ensure everything is in order. In a brick-and-mortar store, on the other hand, you may have to wait for many minutes to talk to the customer representative in-person.
  • Privacy: An online loan offers total privacy. Nobody will know anything about it unless you tell them. In a brick-and-mortar store, people may see you walking in and out of the location. Working with online loan companies is always discreet.
  • Security: An online loan guarantees total security as all the transaction is done online through secure our secure website that protects your personal information. There’s no chance of your personal information ending up in the wrong hands, because it is totally encrypted for maximum security. Plus, there is no physical paperwork to get lost or stolen.

 

The above qualities make online loans more convenient than loans from brick-and-mortar cash advance stores. If you are in need of a fast and secure short-term loan, then visit the Lendgreen website and fill out our online application. Your money can be in your hand quickly and easily, all from the privacy of your home or office!

 

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Niiwin, LLC, d/b/a Lendgreen (“Lendgreen”), is a wholly owned subsidiary of LDF Holdings, LLC, a wholly owned subsidiary of the Lac du Flambeau Business Development Corporation, a wholly owned and operated economic arm and instrumentality of the Lac du Flambeau Band of Lake Superior Chippewa Indians (“Tribe”), a federally recognized Indian tribe. Lendgreen is organized and in good standing under the laws of the Tribe. Lendgreen is a duly licensed Financial Services Licensee of the Lac du Flambeau Tribal Financial Services Regulatory Authority, an independent regulatory body of the Tribe.

All loan application decisions are made at Lendgreen’s office located at 597 Peace Pipe Road, 2nd Floor, Lac du Flambeau, Wisconsin 54538 on the Tribe’s reservation. If your loan application is approved by Lendgreen, your loan will be governed by Tribal law, applicable federal law, and the terms and conditions of your loan agreement.

This is an expensive form of borrowing. Lendgreen loans are designed to assist you in meeting your short term borrowing needs and are not intended to be a long term financial solution. The Annual Percentage Rate (“APR”) as applied to your loan will range from 720% to 795% depending on your payment schedule, pay frequency, loan term, and the amount of your loan. Late payments and non-payment may result in additional fees and collection activities as described in your loan agreement and as allowed by Tribal and applicable federal law. Lendgreen does not lend to residents of AR, GA, MD, MN, NY, PA, VA, WV, WI or to members of the military or their dependents.

© 2018 Lendgreen.com