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The online loans market is by far the easiest way to search and apply for loans these days, but it wasn’t that long ago that the dominant forces in the market were bank branches and loan shops.
Today, there are still thousands of loan stores located throughout the United States, offering the face to face application process and service that many people prefer. If you’re completely in the dark over loans and loan types, it can also help to chat to someone about your options, however, they won’t be able to provide you with any formal financial advice.
Read on to learn more about the pros and cons of using loan shops, how you can search for ‘loans near me’ and the documentation you may need to take along with you.
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How Do Loan Shops Work?
Loan shops often provide a range of their own financial products to customers through face to face lending. If there’s a loan shop available in your local area, you’ll need to visit their store and discuss the purpose of your loan and financial circumstances with a customer adviser. They’ll draw up a credit agreement and talk you through the amounts you’ll need to repay,
If both parties are happy to proceed you’ll be issued with your loan either by cash, cheque or bank transfer depending on your preference, although certain methods can carry additional charges.
Rather than comparing hundreds of products from across the US market, loan shops will usually have a limited selection of loan types based on their in-house lending criteria. This can make it tricky to get accepted if you don’t meet these eligibility restrictions, so do check their requirements before applying.
Let’s take a quick rundown of the pros and cons of searching for ‘loan stores near me’.
Pros
Whilst online lending is, of course, a quicker way to borrow money, searching for ‘loans near me’ and visiting in person does have its benefits.
- Some loans can be issued in cash
- You may be able to use collateral such as jewelry to support your application
- You’ll be able to deal with someone face to face
Cons
As with any lending stream, there will always be drawbacks and loan shops are no different.
- A limited number of options
- Interest rates are typically higher than when comparing multiple lenders online
- A very time-consuming process that may not result in a loan being issued
- Lots of documentation and identification required
How Can I Find Loan Stores Near Me?
Many loan shops actually offer their loans online and so it’s well worth getting a comparison from Credit Raters to compare their products with online lenders first. You may find that they can offer everything you need straight away without having to make an appointment or visit them in person.
If you do decide to venture out then searching for ‘loan stores near me’ in Google or your local search directory is the best way to start. You may also be able to find the closest options to your location by searching for loan shops through any maps app on your mobile.
Can I Apply For Loans Near Me With Bad Credit?
Yes, although you find it much harder to get accepted through an independent loan shop rather than taking out loans online.
Loan shops using very strict criteria when it comes to assessing loan applications. Rather than having the flexibility to apply to multiple lenders or search those who specialise in bad credit loans, loan shops will have one hard and fast eligibility criteria which can make bad credit loans harder to come by.
Although each loan shop offers different products and services, you may be able to use collateral such as jewelry, technology or assets of value to help reduce your lending risk, lower interest rates and improve your chances of acceptance.
However, you’ll need to ensure that you repay your loan on time or you risk losing these items for good.
How Can I Apply For Loans Near Me?
To begin the process of applying for credit through loan stores, you’ll first want to make sure that you’re getting a good rate so pop in to a couple of local branches just to make sure that the interest rates and loan amounts are in the right ballpark.
Ensure that you have plenty of documentation with you to save on future trips. This can include, but isn’t limited to:
- Passport/drivers license
- Proof of address
- Social security number
- Paychecks and bank statements for the past 3-6 months
You’ll need to provide similar information to that which you’d enter online and a hard credit check will usually be carried out straight away to determine affordability and creditworthiness. If accepted, funds will usually be provided straight away.