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ONLINE LOANS VS. IN-STORE LOANS: WHY MORE PEOPLE ARE CONVERTING TO ONLINE LOANS

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ONLINE LOANS VS. IN-STORE LOANS: WHY MORE PEOPLE ARE CONVERTING TO ONLINE LOANS

We are constantly bombarded with options these days. Would you like that in orange or yellow? Would you like fries with that? Should you buy that online or in-store? And with our hectic lives constantly on the go, the only way to keep ahead of the options is with the help of technology! AH! Internet and smart phones to the rescue!

So, in the world of fast cash loans, what does that mean? The landscape of lending is changing. People are rapidly moving away from the old-school method of in-store lending and moving towards the newer, more tech-friendly, less document-heavy online lenders. Why? Because it is faster, easier, and way more convenient. Let's compare.

THE DIFFERENCES BETWEEN ONLINE LOANS AND IN-STORE LOANS

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1. SPEED

ONLINE LOANS: The absolute number one best thing about payday loans online with instant approval is the speed in which the loaned funds make it to your account. The online application takes only a few minutes to fill out, does not require any documents, and as soon as you have electronically signed your contract, you receive your eTransfer in the next 5 minutes! The eTransfers are even available on weekends and holidays! No more waiting for business hours to get your life back on track!

IN-STORE LOANS: We live in busy times. Everything seems to be “Go! Go! Go!”. And then when a financial crisis strikes, taking the time to deal with it can be daunting. With an in-store loan, you would need to take some time off of work, find a babysitter, reschedule any appointments you may have had scheduled, and head on over to sign a bunch of documents. Often times, there just isn’t enough time to deal with all of that!

2. CONVENIENCE

ONLINE LOANS: One of the great conveniences of the internet is that it is accessible from just about anywhere! Whether you live in a remote region, or live in a big city, you have access to the same online lenders. The location of “anywhere” is definitely more convenient! iCASH even launched iOS and Android mobile apps which means you can literally apply for a loan from absolutely anywhere! Whether surfing from your couch, from your office, or while riding the bus around town, you can grab your loan from any location.

IN-STORE LOANS: While in-store loans might be highly convenient for people who live, say, right next to a lending store, for everyone else the brick-and-mortar store is less than ideal. To get to a brick-and-mortar lender, you have to get in the car, drive to the location, find parking, wait in lines and then do all of that in reverse to get home! This is especially interesting for people living in some of the more remote regions of Canada. In some areas, the closest brick-and-mortar lender is actually several towns over.

3. OPENING HOURS

ONLINE LOANS: Once again, the beauty of the internet shines through! Luckily for us, the internet never closes. And with the help of some very innovative technology, iCASH is able to approve loans 24 hours a day, 7 days a week. No need to worry about opening hours and hours of business. iCASH's customer service team is also available from 7am to midnight (EST) to answer any and all questions! How great is that!

IN-STORE LOANS: Brick-and-mortar lenders need to stick to a clearly defined schedule of opening hours. Most of the time, those hours are the business hours of 9am to 5pm, with possibly a few evenings where they are open late. Some are open on weekends, others are not. But financial emergencies can happen at any time. Waiting for evenings or weekends is definitely not convenient in these situations.

4. PRIVACY

ONLINE LOANS: With online loans, everything is kept private and confidential. You don’t need to explain your situation to anyone and no one judges. It is a completely judgement-free zone. And while we cannot speak for other online lenders, iCASH also never calls your employers or friends for co-signing or for confirmation of employment. Your loan application information stays between you and iCASH. Being a direct lender, iCASH does not sell or share your information with any other third party.

IN-STORE LOANS: Financial emergencies are stressful, emotional, and difficult. And while the majority of Canadians have had a financial crisis at least once in their life, we still often feel embarrassed, ashamed and alone. So, the added pressure of needing to face someone like the employee of the brick-and-mortar lender and explain that you need money and tell them your life story is not always pleasant. We often feel judged and small. Neither of those are nice feelings.

How to detect safe online lenders?
Now that you know why online lending has surpassed in-store loans, it would also be a good idea to look into what to look for (and what to watch out for) when choosing an online lender. Here is a great blog for learning how to keep away from scams when researching your lending solution online: “Payday Loans or Cash Advance: How to Spot a Scam”. There are many factors to consider when choosing the lending solution that fits your unique situation. If you haven’t already done so, we highly recommend also reading “What To Do Before Applying for a Payday Loan”, and “Credit Cards vs. Payday Loans: Which is Right for You”.

iCASH testimonials
Check out some real stories from our real customers about what makes iCASH different from other lenders. We care about our clients, and it shows! Read our #iCASHSTORIES here. If you need any help figuring out what is right for you or if you are looking for a loan presently, feel free to contact us at icash.ca or using one of our iOS or Android apps.

Sierra Bittany

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