Why Use Payday Loans?
Whether you call them Payday loans or cash advances and short-term loans, it doesn’t change their roots. It doesn’t how a company or lender markets them; they will always be short-term borrowings at extremely high rates of interest. In fact, payday loans seem very attractive to someone who hasn’t paid them back. So, if you do not have sufficient money to pay for supplies and bills and there is still time for your next paycheck, you can avail a payday loan that you can pay back when you get the cash from your paycheck alongside interest. However, interest rates and sometimes fees for payday loans are exorbitant and may exceed your expectations.
Many lending companies like 100DayLoans, NetLoanUSA and 24/7Loan are in the business, should you decide to avail a payday loan.
Payday Loan Companies: What to Look For
Payday Loan is like a grizzly bear that looks majestic and attractive from far away but when you as you go in the vicinity of the giant beast you get an idea how bad it can torment you.
Be advised that you would want to explore some info about the lending company. You can start with interest rates, fees and policies for paying off your loan but before you fall for any marketing tactics that lending companies use, learn the fact that states have their own regulations and laws regarding payday loans and all lending companies are statutorily obligated to comply with local laws.
Below is the step-by-step criteria we considered when reviewing payday loan services and the crucial concepts you should know before getting a payday loan.
- Loan Features – You can think of payday loans as temporary financial bridge between two paydays. The prominent things to look for before getting a payday loan are main features of a loan such as the amount, the required credit rating and interest rates and fees that will accrue from you during the course of loan.
Most of the services on the aforementioned list are direct payday loan lenders where as a few others are outsourced by lenders to set you up with them. You must also be bear in mind that more often than not lenders approve applicants with bad credit without any credit check.
- Ease of Use
The simplicity of the application processes must be assessed. A lender who has a simplified and less detailed application process is better than the one who doesn’t.
- Repayment Terms – The period for payday loans is usually of weeks because its rationale is to support your finances between normal paychecks. Where some services offer longer terms, other payday services automatically debit the checking account into which the funds were originally deposited by the lender.
In some cases, if you fail to make payment as it is due, a few lenders create a loan rollover, which puts the remainder of your loan onto a new loan contract which of course, comes with additional fees and commitments to the lender increased amount of interest
- Help & Support
With most of our listed, you can contact an executive by telephone or by email form. A few services offer live chat as well.