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Payday is a week away and your phone bill is a week past due: if you don't pay the bill, your service will be turned off and you may lose clients, as your job depends on telephone interaction. Clearly, you need to pay the bill--and fast. Could a payday loan be right for you?

When faced with such situations, many people do not know where to turn. Borrowing from friends and relatives can be embarrassing, and credit isn't always an option. In cases of real financial necessity, a payday loan can be a viable option. Because these advances are immediately available, they can bridge the gap between pay periods, allowing an individual to stay on top of their bills and credit. Although these loans come with high interest, they can provide a legitimate solution in the rare cases of immediate financial need. When treated as intended and paid back on time and in full, these types of payday advances can be of great assistance.

When it comes to payday loans, each company is different. In addition to different interest rates, payback periods, and fees, many companies utilize different mediums to grant their loans. The two primary types of loan lenders are online and onsite: online lenders provide quick loans over the internet, while onsite lenders, which are often called brick-and-mortar lenders, provide loans from a designated business site. Some companies provide both online and onsite services.

When choosing a loan lender, personal preference plays a huge role. Although many people appreciate and utilize the convenience of the internet, some are more comfortable with more personalized financial methods. If you are the type who likes traditional banking and desires face-to-face interaction, an onsite service is likely the best option for you. But if you are the type who wants quick-and-easy access to funds from the comfort of your own home, online loans are the best bet.

*Onsite payday loans take are granted by a lender in a face-to-face scenario. As you would in a traditional bank or DMV, at the loan office you will fill out an application, wait in a line, and meet with a lender when your turn arrives. The lender will take your application and verify your identity; if you meet the criteria, you will give the lender a post-dated check in the amount that you are required to repay. Before you leave the site, you will receive your funds via check, cash, or direct deposit.

*Online payday loans are granted via the web, thus they can be borrowed from virtually anywhere with WiFi. After filling out the application, putting in your banking information, and verify your identity online, you will be notified that approval takes up to 24 hours. Within this time frame, you will get your approval notice and within a business day the funds will be deposited into your account.

In both cases it is essential that you pay back the loan by the agreed upon date to avoid fees and extra interest. The post-dated check will be cashed in on the date indicated, so it is important to make sure that the funds are in your bank at this time. Depending on the immediacy of your need, your access to the internet, and your personal preference, an online or onsite payday loan can work for you.