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Payday Loans… the word is surrounded by a lot of confusion, misinformation and uninformed evaluations, but getting payday loans online is fast, easy and safe and can be the perfect option for people who simply need some quick cash to hold them over until their next payday.
While payday loans are safe and easy, it still pays to take the time to find the perfect lender for every person's unique situation and needs.
In the United States, there are literally thousands of reputable and legitimate instant online payday loan lenders.
When searching for the right online lender there are various terms that will come up when choosing a quick online loan provider, by knowing about these basic terms and conditions of most payday advance lending companies consumers can make the most informed decision when selecting the right payday loans company.
Below is a breakdown on the basics of online payday loans, what they are and how they work, as well as some hints and tips for getting the best terms and rates possible when applying for a loan online.
Payday Loans Brokers vs. Payday Loans Lenders :
When comparing loans it's important to distinguish between lenders and brokers. Brokers submit applications on the behalf of consumers to large numbers of top tier lenders who actually issue the loans… which they often have pre-established working relationships with leading often to favorable terms and quick replies.
The need to visit each lender’s website and spend time checking out their services and applying individually on each site is eliminated as the brokers handle this for the customer and finding the lender which suits their needs exactly.
Interest Rates And Charges :
In the US $25 (25%) is the standard charge for a payday loan of $100. This implies that on your following payday you will pay $125 for every $100 borrowed.
Consumers that take payday loans often or recurring you can save money by reusing previous lenders who will usually offer a reduced interest rate (12%-20%) for repeat customers.
There are lenders which often charge rates as high as a $36.72 fee for every $100 borrowed… avoid these lenders, as better rates are always available elsewhere online.
Amount of Payday Loan :
Most payday loans companies and lenders will allow first-time customers to borrow between $750 and $800. Again the first loan amount cannot be the maximum amount ($750); in most cases, it will be less than $200.
This initial loan amount varies from lender to lender as some companies will not lend out more than $150 for first-time customers.
The more lenient payday providers may lend up to $300 to a first-time borrower…this low amount of the first loan is just to ensure that the loans can be successfully paid on time.
This amount increases with subsequent loans depending on the history of the consumers' loan credibility.
If a potential loan seeker has good credit, then some online payday loans lenders will offer much more than the industry average amount; up to $1000 dollars instantly.
Payday Loans Discount Codes :
Most people do not know that some lenders offer discount codes to help you save when you apply for a payday loan. For example, some lenders help their applicants save by providing a 25% off on the initial charge.
Payday Loan Terms :
The terms of a particular payday loan will be based primarily on two elements; the amount of loan and the number of days till repayment or the length of the loan.
The amount of loan in relation to the number of days before it has to be repaid determines the amount customers will have to pay.
Other factors, which are equally vital in picking the most low-cost payday loan lender include; approval rates, representative APR, minimum requirements, among others.
Payday Loans Requirements :
The requirements for applying for payday cash loans are simple and straightforward, potential borrowers must be at least 18 years old, and have a stable job and an active bank account.
When actually applying make sure that all of the information provided to the lenders is correct to speed up processing and avoiding unnecessary disapprovals.
Although it goes without saying…consumers shouldn’t apply for payday loans without the financial capacity to pay it back
Online payday cash loans are very fast and effective option to people who require quick money for covering small financial obstacles for a short period of time.
Apply With Us :
At payday loans company we save consumers the time and hassle of shopping through multiple online lenders by providing access to one quick, easy form to fill out…. it only takes 2 minutes!
Our applications are instantly submitted to hundreds of top tier lenders and approval can take as little as 5 minutes!
Once approved most loans will clear into your account as soon as 24 hours!