Things To Consider With Payday Loans
When people get money, they are usually very excited
. I mean, who doesn't love getting money?
However, many people who get a payday loan sometimes get so excited about the ease of such loans that they forget to pay attention to some very important details.
These situations can be avoided by having the right information at hand to make an educated decision. Find out before you go to the first lender the following things: Their interest rates, payback terms, administration fees or set up fees and pre-payment penalties.
Find out what the loan market has set in general and take note as you look for a lender so you know if their "prices" are too high for the "product" you are buying.
They can go from 6% to 8%, depending on the type of loan you are looking at getting and the payback terms. Keep in mind that credit card rates are in the neighborhood of 18%+.
Compare all the fees but keep in mind that you do not want to pay an up-front free to a lender you feel doubtful about or one that is not well known in your area. Getting personal references from people you know can help you find a reputable lender.
Read the fine print! You can ask the lender for a copy of their contract before you sign it so that you don't' take up their time and you have time to read it and understand it all.
Some things to make sure of are the fees for the loan, the repayment options, extension options and fees and anything else that is applicable. Take notes during your interview with a lender.
Keep track of who you talk to so you can refer back to what they told you about their loans. Some lenders charge a fee for early repayment.
That is something else you need to be aware of. The reason for this is because any kind of lending institution makes money on your loan and if you pay it back too quickly, they don't make much at all.
But not every lender will charge an early repayment fee, so make sure to check.
Make sure your application is legible and looks nice.
You don't want it to look sloppy and therefore cause any problems because the clerk could not read your information. If there is ever a dispute with your lender, you can go back to the notes you made and all the documents you kept so you can prepare your defense.
Get legal assistance during a dispute. It might not be nice to have to pay for it, but it will be better than paying out the nose in the long run because you were unprepared.
The last and most important factor in availing a payday loan is to make sure that you pay it back when you agreed to on your contract! Payday loans are real loans and you must take them very seriously.
If you do not pay the loan back, the fees and interest can really add up quickly and you may be taken to collection and/or court. Some lenders offer extensions on your loan if you can't pay it back in a few weeks, but they usually charge an extra fee for that so you may end up paying a lot more to extend the loan that what you actually borrowed.
With the information listed here you can make a good decision about availing a payday loan and feel good about it.
by: Jack Landry
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