Are you in need of some additional cash? Have you had an emergency arise? If you are in a money crunch situation, a payday loan can be a viable option. This is a way to get money fast, so learn more below.
Normally, payday loans require that you pay back the money around two weeks later. If you cannot pay your loan off by its due date, there may be options available. Many payday lenders offer a refinancing option.
If the funds are not available when your payment is due, you may be able to request a small extension from your lender. Lots of lenders can extend the due date for a day or two. Make sure that you understand that such extensions do come at a price.
If you feel you have been taken advantage of by a payday loan company, report it immediately to your state government. If you delay, you could be hurting your chances for any sort of recompense. As well, there are many people out there like you that need real help. Your reporting of these poor companies can keep others from having similar situations.
Be careful of companies that have finance charges moved over to the next pay period. If you are only paying interest and fees each period, you will never be able to pay off your balance. It is not uncommon to pay up to 5 times the original loan amount before you are free of the loan.
Prior to committing to a payday loan lender, compare companies. You will find that some lenders will have lower interest rates, or that some might not charge you a fee for taking out a loan. One place may be able to fund the loan within an hour, or you may wait for days at another. If you review various loan programs, you are sure to find a loan that best fits your needs.
Choose your references wisely. Some payday loan companies require you to name two, or three references. These are the people that they will call, if there is a problem and you cannot be reached. Make sure your references can be reached. Moreover, make sure that you alert your references, that you are using them. This will help them to expect any calls.
Keep your personal safety in mind if you have to physically visit a payday lender. These places of business handle large sums of cash and are usually in economically impoverished areas of town. Try and only visit during daylight hours and park in highly visible spaces. Go in when other customers are also around.
Comparison shopping for payday loans is key. Interest rates and fees are as varied as the lenders themselves. You might think you have found a great deal with one lender, until you see the deals offered by another. You should always do thorough research before getting a payday loan.
If you want to apply for a payday loan, your best bet is to apply from well reputable and popular lenders and sites. These sites have built a solid reputation, and you won’t put yourself at risk of giving sensitive information to a scam or less than a respectable lender.
Ask those you know and trust for help before turning to payday lenders for a hand. Even if they only give you a portion of the money you require, any payday loan you obtain can be for that much less. That will cut down on your interest, and you won’t have to pay as much back.
When you’re trying to get a payday loan, you shouldn’t worry about the credit score you have. All that payday lenders are going to look and verify your income and the ability to pay back the loan from your next paycheck. There are even online lenders that never check credit reports, but rather worry only about job verification.
If you are worried about how a payday loan will affect your credit report, try to find a payday loan lender that does not have a credit requirement. This is a good option for those who have poor credit or no credit as well as those who want this loan to stay off their report.
Review each of the fees and potential penalties before agreeing to any payday loan. Although payday loans can be issued extremely fast without much information on the loan application, the fees of this loan can significantly increase your debt. You should always think about the size of your loan not in terms of the money you receive, but in terms of the money you’ll have to pay back – including all of the fees that you are responsible for.
If you are considering a payday loan, there are several things that you must have in order to qualify. You must have a checking account, as well as be established in your job. Most payday loans require at least 3 months of continuous employment, before a loan can be made.
Ease your worries about lack of collateral with a payday loan. Most lenders want you to pledge some asset that you own when borrowing money, so that they have something to take if you cannot pay back the loan. Payday loans, although only available in small amounts, provide cash without collateral. This means that, even if you have no assets to pledge, you can still get a payday loan when you need one.
Don’t let money troubles take you down for the count. Payday loans are available for those who need money fast. Keep in mind that payday loans may prevent you from damaging your credit rating. Hopefully you’ll be lucky enough to get the right payday loan for your financial circumstances.