General Considerations
The payday loan is approved online, or in the land-based offices of the respective company. You will have to determine if the lender of your choice has a land-based office in your city. However, as you will probably look for money online, it is probably for the respective company to approve the loan directly online, which is a convenient way to apply for a payday loan.
See if the respective company is approved to offer financial services in your state. Some companies use "financial engineering" to offer services in states where they are not approved to offer such services, and you might have problems in this case.
Hint 1: don't believe the statements made by payday loans companies on their websites. Check with the local authorities directly to determine if a company is approved by the respective institution.
Hint 2: the companies offering loans nationwide or in a large number of states are usually more reliable.
Website Usage and Security
If you decide to apply for a payday loan online, you will have to make sure that the website is safe to use and reliable. You will have to send scanned documents through the respective website, and this is why you should not take security too lightly. If you want to pay your rates with your credit or debit card, make sure that the website is verified by independent authorities, and that the transactions are encrypted.
The Privacy Policy and the Terms of Service are also important, even if the majority of clients neglect to read those. Here, you will determine how your details are used, if the respective company will send you unsolicited mails, and what conditions you need to meet to get a certain loan.
Costs and interests
Determine the minimum and maximum sums allowed through a certain loan. Usually, the payday loans companies approve loans of 100 to 1000$, and for clients that apply for the second or third time, the sums might be bigger.
The most important cost for a client is "Cost per 100$". This means the sum that you need to pay for every borrowed 100$. This sum depends on the duration of the loan. It is easy to calculate the total costs of a payday loan even if the company does not state this clearly on their website.
The cost for 100$ can be calculated per day, per week, or for the entire duration of the loan. Let's suppose that you have an interest of 1$ per day. This means cost of loan of 101$ after one day, 107$ after seven days, and 120$ if you decide to take the money for 20 days. This calculation is only valid in case there are no other commissions, and if you are not late with payments. The majority of payday loans companies don't apply commissions, so you should look for such lender. In case you are late, the penalizations are huge, so it is better to talk with the payday loans company if you have such problemsCustomer Service and terms of approval
Checking the reliability of the Customer Service is mandatory before even giving your details to the lender. The professionalism of this department determines the general reliability of the company. Never trust a company that does not offer a telephone number, and which does not have a physical address. The telephone number must also be verified. Even if you don't have anything to ask, you must call them, to see how fast they respond and how they answer to your question. Sending a mail with general enquiries is another idea, to determine their response time and their willingness to help.
The FAQ section can clarify many problems for you. There, you will see the costs of the loans, the approval process and the states where it is available. Besides this, you will have to see what penalizations are applied in case you can't pay your rates in time.
Usually, the documents needed for a payday loan to be approved are:
- the last paycheck
- proof of identity and address
- the loan request
Considering that the payday loan companies approve loans for persons with bad credit, you will have increased chances of being approved. However, some applications are rejected, especially those that are made by people that failed in paying payday loans with other companies.
The payday loan is approved online, or in the land-based offices of the respective company. You will have to determine if the lender of your choice has a land-based office in your city. However, as you will probably look for money online, it is probably for the respective company to approve the loan directly online, which is a convenient way to apply for a payday loan.
See if the respective company is approved to offer financial services in your state. Some companies use "financial engineering" to offer services in states where they are not approved to offer such services, and you might have problems in this case.
Hint 1: don't believe the statements made by payday loans companies on their websites. Check with the local authorities directly to determine if a company is approved by the respective institution.
Hint 2: the companies offering loans nationwide or in a large number of states are usually more reliable.
Website Usage and Security
If you decide to apply for a payday loan online, you will have to make sure that the website is safe to use and reliable. You will have to send scanned documents through the respective website, and this is why you should not take security too lightly. If you want to pay your rates with your credit or debit card, make sure that the website is verified by independent authorities, and that the transactions are encrypted.
The Privacy Policy and the Terms of Service are also important, even if the majority of clients neglect to read those. Here, you will determine how your details are used, if the respective company will send you unsolicited mails, and what conditions you need to meet to get a certain loan.
Costs and interests
Determine the minimum and maximum sums allowed through a certain loan. Usually, the payday loans companies approve loans of 100 to 1000$, and for clients that apply for the second or third time, the sums might be bigger.
The most important cost for a client is "Cost per 100$". This means the sum that you need to pay for every borrowed 100$. This sum depends on the duration of the loan. It is easy to calculate the total costs of a payday loan even if the company does not state this clearly on their website.
The cost for 100$ can be calculated per day, per week, or for the entire duration of the loan. Let's suppose that you have an interest of 1$ per day. This means cost of loan of 101$ after one day, 107$ after seven days, and 120$ if you decide to take the money for 20 days. This calculation is only valid in case there are no other commissions, and if you are not late with payments. The majority of payday loans companies don't apply commissions, so you should look for such lender. In case you are late, the penalizations are huge, so it is better to talk with the payday loans company if you have such problemsCustomer Service and terms of approval
Checking the reliability of the Customer Service is mandatory before even giving your details to the lender. The professionalism of this department determines the general reliability of the company. Never trust a company that does not offer a telephone number, and which does not have a physical address. The telephone number must also be verified. Even if you don't have anything to ask, you must call them, to see how fast they respond and how they answer to your question. Sending a mail with general enquiries is another idea, to determine their response time and their willingness to help.
The FAQ section can clarify many problems for you. There, you will see the costs of the loans, the approval process and the states where it is available. Besides this, you will have to see what penalizations are applied in case you can't pay your rates in time.
Usually, the documents needed for a payday loan to be approved are:
- the last paycheck
- proof of identity and address
- the loan request
Considering that the payday loan companies approve loans for persons with bad credit, you will have increased chances of being approved. However, some applications are rejected, especially those that are made by people that failed in paying payday loans with other companies.
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