Is your credit card bill due date approaching? Need quick money to pay it off and avoid late fees or worse, lower credit ratings? Well, if you need some quick cash, payday lenders are always on hand to help.
Did you know that there is a growing number of Americans with credit card debt? Excluding mortgages, the average American has a personal debt of about $ 38,000. While some people pay their bills well, not everyone has the ability to pay on time all the time.
Let’s not forget about late payments and dropping check fees. Sometimes there is a sudden need for money due to financial emergencies.
If you are looking for payday lenders to get a payday loan, below we have a quick guide on how you can find the best one. …
How does a payday loan work?
Payday loans are short-term cash loans that use the borrower’s personal check or bank account. These lenders hold the money until the borrower’s upcoming paycheck. Loans and finance charges are pooled into a single amount, which is often on the agreed repayment date.
Borrowers return their checks when they pay off the loan in cash. Depending on which state you are in, the size of the payday loan can range from $ 100 to $ 1,000. The average term for a loan is up to two weeks.
Interest rates on payday loans can cost 400% per annum or more. Lenders can charge you between $ 15 and $ 100 for loan fees or finance charges. Loans that have a two-week maturity can have interest rates ranging from 390% to 780% per annum.
It is worth noting that loans with shorter maturities have higher rates. In addition, states that do not cap the maximum cost may have higher rates. Before applying for a payday loan or any loan at all, check your state’s laws so you know what needs to be prepared.
Requirements that you will often need include an open bank account, a steady source of income, and identification. One of the advantages of a payday loan is that lenders will not check the loan before they approve you. Please note that most payday loans are already done through websites and mobile devices.
Look for flexible payroll lenders
Most payroll loans are flexible as they are only short term. Even though payday loans are short-term, the best lenders will let you negotiate when you can pay them back. If not, then a good payroll lender can at least find a compromise that works for both of you.
It is important that you return them as soon as possible. If possible, return them as soon as you receive your next check. It is best to close your account as soon as possible to avoid unnecessary or additional fees.
Verification of legislation and restrictions on interest rates
In fact, there are lenders who can charge high interest rates. As long as they exist, you can avoid them if you know well who you trust. One of the ways to check is legislation.
Nearly every state has laws that protect you from extreme payday loan rates and fees. There are also restrictions on interest rates above a certain percentage. The number of applications and other fees that the loan business can charge you is also limited.
These limits often depend on the state in which you are located. Find out what you can learn about the applicable laws in your state. You may be surprised at how little knowledge can bring you.
They allow you to claim a higher amount
Many payday lenders limit the amount you can borrow, especially when you are a new borrower. However, when you keep good records, there is a high chance that you will be able to qualify for a higher loan amount. The key is the timely payment of the first loan before payday.
In your next applications, your payroll lender may suggest a higher limit. Over time, you can even reach the maximum loan amount in your state. Note that they will still cap it based on your salary and lending policy.
They offer fast services
Speed is by far the most attractive advantage when applying for a payday loan. To stay competitive, many lenders in the payroll market offer fast services, which means there is no need for lengthy paperwork or a day of waiting for approval.
The application process for a payday loan is very simple. You only need a few of the requirements we mentioned above. It only takes a few minutes to fill out a loan application and receive a cash advance.
Often, you can get a loan on the same day or the next business day. Some lenders may even give you funds within an hour if you provide the information you need quickly. At this speed of the process, you will have enough time to get refused, and you will still receive your funds within a day.
The best lenders have a very convenient process
When you apply for other, more traditional loans, you will have to do many other things. This may include having to meet with a loan officer or waiting for your application to be approved.
Since almost all payday loans are conducted online, they offer the most convenience.
For example, Blue Trust Loans provide payday loans without credit checks. It is a paperless process, you can even do it while at home and even skip the credit check step. This is one of the reasons many people prefer online lending companies.
Choose only the best payday lender
Payday loans are a quick and convenient solution for getting cash in case of emergencies. When it comes to talking about money, it’s understandable that you want to find the best borrowers. With this information, you should be able to find a good and trustworthy payroll lender in your area.
If you found this post helpful and informative, feel free to read our other posts for similar guides.
