Payday Advance Information For The Beginning Borrower
Payday advance loans used to be used on the "hush hush" and were not revered as the great financial tools that they are known for today
. They have gained in popularity over the last 20 years and more people are finding them to be of great help.
When the water heater goes out and you don't have money for a few weeks to replace it, a payday loan can be a life saver. Securing a payday advance has never been easier, thanks to the technology of the Internet.
From the online application to the quick deposit of funds into your bank account, the process of securing a payday advance is quite easy. However, there are a few things you should know before applying for a payday loan.
You should always research a lender before borrowing from them. Make sure they are not located overseas because laws are different from country to country in regards to payday advance loans.
There are many payday lenders available online, thereby making the process of finding a reputable payday lender quite difficult. The first thing you want to do it is to make sure that the payday loan company has a permanent mailing address and phone number.
You can also try and find reviews from other customers for that specific lender. One of the best ways to determine the validity of a company and the service they provide is to find testimonials. You may also want to contact the Better Business Bureau to learn about any complaints charged against the company.
Once you have located a reputable payday loan company, it is important to make it a priority to understand the terms and conditions attached to the payday advance. One of the first things you will want to do, of course, is make sure the interest rates and fees charged by the payday lender are competitive.
There are a couple of things in your contract you need to be clear on before you avail this loan. First of all, is there an early repayment fee? Also, if you are unable to pay the loan back when you agreed, does the lender have an extension plan?
And if so, what are the fees to extend the term of your loan? Knowing all this ahead of time can save you hours of heartache down the road. A quick online search can help you understand what are the typical interest rates and fees charged for payday loans.
It is nice to be able to use the Internet to compare companies side by side. You will want to make sure that you thoroughly read all of the fine print of the loan. If you don't understand the loan's terms and conditions, contact the company and ask for clarification.
The Truth in Lending Act requires that all payday advance lenders have their terms and conditions clearly posted on their website; if they don't, move on and find another company that does have this information readily available. Before applying for the payday loan using the online loan application, make sure that you meet all of the criteria.
Some of the criteria for becoming approved for a payday advance include: you must be at least 18 years old; you must have steady employment and make a minimum amount of money each month (this amount varies from company to company); and you must have an active bank account.
You also should be a citizen of the country in which you are applying in. The reason for the bank account is because it is your collateral, so to speak.
You either write a post dated check for repayment of the loan plus fees, or you authorize a post dated draft to your bank account. And the money can usually be direct deposited into your account for further convenience.
Assemble all of the necessary information you need before applying for the loan so that the process of filling out the application is easy. You may need your bank account information and employer information, for example.
As you can see, payday advances are quite easy to obtain and can be a real financial help for you when you find yourself in times of money crunches. Beware that you don't use them for any frivolous purchases though because that could get you into a cycle of borrowing that is too hard to avoid.
by: Jack Landry
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