Your vehicle needs a new gearbox, but your financial account is empty. You may use your credit card to pay the bill straight or get a cash advance. You may even rummage your jewelry box for gold chains and diamond rings to bring to the pawn store. If you have poor credit and nothing of actual worth to give as security, you may believe that a payday loan is your only option.
However, the notion of interacting with a payday loan business is unattractive. On the other hand, few online direct lenders offer payday loans. There is, fortunately, an alternative to maxing up your credit cards, risking the loss of your valuables, or settling for a payday loan. Savvy borrowers don’t need a map to locate OakParkFinancial, the ideal online lender.
Credit Card Cash Advances Are Convenient but Expensive
If you have accessible credit, credit card cash advances are one of the least damaging ways to get immediate cash. Unlike pawn shop loans or payday loans from a direct lender like OakParkFinancial, you are not required to return a credit card cash advance in one large amount. Credit card cash advances also have lower APRs than pawn shops and payday loans. However, interest starts to accrue on credit card cash advances as soon as the cash is withdrawn from an ATM. And if you merely make the minimum monthly payments on your credit card bills, you might pay several times the amount you borrowed before the total is paid in full.
Brick-and-mortar Lenders Have Stringent Requirements
Brick-and-mortar direct lenders vary from reputed institutions like banks and credit unions to shady establishments like pawn shops. Banks and credit unions provide loans with the lowest APRs and affordable monthly payments. However, applicants are subjected to rigorous credit checks and prolonged delays for results. To be authorized, applicants with poor credit are often needed to provide collateral, a credit-worthy co-signer, or both. Applicants with low credit are categorically rejected.
Unlike direct lender loans from other organizations, pawn shop loans demand collateral. Borrowers must appear and immediately relinquish personal property such as jewels or high-tech devices. Loans from pawn shops are generally for a portion of the item’s value pledged as security and must be repaid in full within a specific time frame – usually 30 to 60 days. Those who fail to repay their debts risk losing their belongings permanently.
Dealing with Payday Loan Stores May Be an Effort
Payday lenders are one of the few choices open to persons with poor credit and limited assets for acquiring cash to cope with financial problems.
In return for instant cash, payday lending businesses demand borrowers to submit one or more post-dated checks. However, payday loan shop loans have exorbitant interest rates and incredibly short payback terms. Suppose borrowers’ bank balances are insufficient to cover the checks when deposited. In that case, banks assess NSF penalties, and payday lenders may try to present the statements a second time, incurring additional expenses.
Another disadvantage of payday loan businesses is their restricted hours. Depending on the store’s hours and the borrowers’ work schedules, borrowers may need to take time off from work to apply for a payday loan. And there is always the possibility of a humiliating encounter with a friend, neighbor, or coworker when entering or exiting a payday lending establishment.
Searching for Direct Payday Lenders Online Is Often Frustrating
Finding online direct lenders for payday loans may be a frustrating endeavor. “100% Accepted!” and “No Credit Check!” claims that are too good to be true might result in loan “offers” from organizations that the borrower has never heard of flooding their email inbox. In the worst-case scenario, most of these “offers” are frauds or outright identity theft efforts.
This website is not a lending institution.
In the past, borrowing the money required gathering documentation and going across town to meet with a loan officer. Direct lenders were only physical organizations like banks. However, if you are experiencing a financial emergency, you cannot afford to wait weeks for a bank loan approval. However, many of the solutions have significant downsides.
Online direct lenders, for instance, provide the ease of applying from the comfort of your home, sometimes with rapid processing. However, finding direct internet lenders is usually more complicated than it seems. Finding direct online payday loan providers might be akin to a treasure hunt. Most payday loan websites are not direct lenders but gather and transmit borrower information to other parties.
Both the headlines and the small text include the clue. Numerous websites that promise to provide payday loans carry headlines such as “100% Acceptance Rate!” and “No Credit Check.” The tiny print shows the reality behind these sensationalized headlines. These websites can make such promises even though direct payday lenders are prohibited from doing so. These websites, unlike direct lenders, do not make lending decisions or give loans.
In certain instances, the websites function as middlemen between potential borrowers and a small set of lenders. Others are essentially aggregators that gather borrowers’ financial and personal information and disseminate it without discrimination to other parties, sometimes selling sensitive data to the highest bidder. Email inboxes filled with SPAM tell a sad story. As they browse through hundreds of “offers” from unknown firms, they wonder how they might have avoided being duped.
OakParkFinancial is a Superior Option
OakParkFinancial knows that waiting weeks for a response to a bank loan application is infeasible when confronted with an urgent financial issue. OakParkFinancial provides borrowers with the convenience of online applications that are processed in minutes or hours instead of weeks. We may still be able to accept you despite your less-than-perfect credit history. That’s because we examine your complete financial picture, not just your FICO score. We approve several candidates rejected by banks.
As a direct lender, Wenn Lauren Snow, Copywriter / Content Editor at OakParkFinancial makes sure to never disclose your information to a third party. Additionally, the Better Business Bureau has awarded an A+ rating so that you may apply with confidence.
Our online application system delivers results within minutes or hours, and accepted borrowers get their monies by direct deposit as early as the next business day. We never need collateral, and our monthly payments are intended to be reasonable. Should you not investigate OakParkFinancial for yourself?