For many of us, when we need to find a loan or other financial services, the first port of call is to look for online lenders. Actually, there are alternatives, and the classic brick-and-mortar businesses that offer lending are still important and play a vital role.

A lot of people would rather head to a storefront and talk to a person. It’s still important to work with a trusted company and that’s where storefront lenders reviews come in. In this guide to storefrontlending, we’re delving into the companies offering lending on the high street.

Just because it is an in-person business, it doesn’t mean you have to take any undue risks, you are protected by state law and can check the reviews of these companies before you take out any lending with them.

What is Storefront Lending?

There was a time when the only options to borrow money involved going to a physical location. Your bank was always an option, but there are plenty of storefront lending companies in the US who trade by offering people the chance to borrow money. We’re talking about a high street “store” where you can go and discuss your needs, and have a face-to-face meeting about it.

In modern times, people have started to refer to this as storefront lending rather than online lending. This helps to differentiate what kind of lending establishment they are. Some companies even offer both a storefront you can visit and online options.

Storefront lending isn’t a new concept at all, and it can offer some advantages. Some people prefer this method of face-to-face interaction.

Overview of companies

Storefront lending companies are either an alternative to online lending, or they offer either option. Most of them still have a website, they just might not give you the option to apply for lending on the internet. An online presence still makes it possible to see reviews, and you might find that you can discuss options online even if the lending takes place in the store.

A storefront can also be a way for these companies to gain customers. People who are walking along the high street may see the company and remember its location. Walk-in customers are possible.

There is an appeal to storefront lending for anyone who is not particularly good with technology. Some people are concerned about the risks of applying for lending online, such as their data getting stolen or entering vital details in a fraudulent website.

Also, people like to deal with another person. This is the way lending has been done for hundreds of years, and can still be done like this if you visit a storefront lender. The benefits of this aren’t just to do with trust, actually, a person in the room with you, who understands the industry, can help you to fill in forms correctly and help to guide you through the process.

If you are looking for a loan with bad credit, storefront lending might give you the option to discuss different options and financial products. You might be able to get a payday loan, even with bad credit, or offer security to help with your loan approval.

Storefront lenders base their whole business on borrowing money, so there is every chance that they will be more flexible than a bank would be. Many storefront lenders also have more generous underwriting, so the chances of borrowing if your credit score or income are low is likely to be higher in this scenario.

Storefront lenders still have to abide by all of the state’s lending laws. For example, there may be a maximum or minimum payment term and APR, so there is no extra risk attached to getting your lending in-person.

Though storefront lending is nowhere near as popular as it used to be, the industry is likely to continue to be important in the future as people still want a physical location they can visit to take out lending, and to seek help and advice on the lending products that are most suitable. For low incomes and poor credit scores, this can be especially useful and increase the chances of being able to borrow.