Researching A Payday Loan Five Characteristics You Want
When it is looking like it is going to be tough to pay your heating bills this month and then your car breaks down, look into a payday loan to help in the short-term. This loan is primarily for the short-term meaning, that you pay it back when you get paid again, and it is fast and easy to get online. However, there are lots of companies that offer payday loans (sometimes called cash advances) online, so it is important to consider the different features that will best benefit you. Below are the five characteristics that you need to look for in your cash advance.
To begin, you want a lender to offer you online applications. Traditionally, a lender would ask you to fax your documents in, before you were considered for a loan. Nowadays, a lot of businesses help you get your funds fast, by offering ‘no faxing’ as a main feature.
If a lending establishment offers online applications, also ask them to approve your loan instantly. With your application in their hands after the push of a button, the lender can approve it right away. This can put quick cash in your bank account sooner, because the processing time is dramatically reduced.
Third, make sure to figure out how much you will be charged in fees and look for the best rate. Usually rates are between $15 and $40 dollars per $100 dollars loaned. If we were to do the math on two examples, picture Bill who is loaned $1,000 dollars with a 20% rate, while Sandy is also loaned $1,000 dollars but at a 25% rate. How much will Bill save over Sandy? Well, Bill will be charged 5% less, so in a $1,000 dollar loan, he will have kept $50 dollars. This example should make you aware that you want to make sure you understand the fees that you are responsible to pay and look for the best rate.
Also, look for companies that offer extensions on when you must pay back your loan. Usually, payday loans must be paid back between 7-14 days, but some will offer you an extension at the same rate. An extension will offer you more preferences, in case something else comes up and you can’t make your payment on time.
Finally, look for payday loans that offer some sort of discount or perk to the customer. Sometimes companies will offer a bargain to excellent customers or customers who sign up for an email newsletter or a promotion. If you make sure to do your research, then you can lock in a inexpensive rate for your payday loan. Checkout instant approval payday loans at Payday Loan and don’t forget to check cash advance.