subject: Top five tips when applying for a payday loan [print this page] Payday Loans are short term loan options designed to tide you over until your next payday arrives, particularly if you are short on cash. This article will run through a few top tips on finding and applying for a payday advance loan.
The first thing you need to watch out for is charges. APR is a relatively useless measurement when it comes to judging the true value of a payday loan and as such a borrower should always look out for the amount charged on the loan the typical payday lender will charge 25% for every 100 borrowed. The second thing a borrower should watch out for is any additional charges. Some payday lenders will charge a same day transfer fee this fee is in place to ensure that you can receive the money the same working day as you applied.
Another thing to watch out for is whether or not you will need to fax or send any additional documents some payday lenders will require additional identification in order to validate your application. If you're asked for additional identification then it may be worth looking elsewhere, particularly if you're in a hurry to receive your cash.
Always look for some online payday loan reviews prior to applying for a payday advance loan. Payday Loan Reviews give a very good indication on the relative merits of various payday lenders and can be used to decide on whether or not a particular lender is worth applying to.
It may also be worth applying for a payday loan at the earliest possible time in the day, this will ensure that should you require it you are better placed to qualify for a same day transfer of funds. The final thing we would recommend doing is checking the terms and condition of the lender to which your are submitting your application many lenders levy additional charges on a payday loan application, it's worth checking the terms section of a site to see whether these will apply to your application.
