Real Payday Loans Should Not Drill A Hole Through Your Wallet
Before you deal with any real payday loans lender, you need to know some of the industry’s most important details. This way, you can make every cash advance deal perfectly work to your advantage.
What is a payday loan?
The payday loan is perhaps the most common of all short-term loans. Literally, this is a quick loan for employed people and has to be paid on the next payday. The goal of this quick loan is to help every individual to satisfy any emergency needs for cash until the next payday.
Maybe you have had a situation when an emergency need for cash advance arises. For example, a surprise bill may have come up or an immediate repair of the car has to be done. Perhaps the problem is that you cannot cover the expenses until your next payday. Another problem is that you may need to cover the expenses as soon as possible. That is when you can borrow real payday loans and resolve any issues that involve cash.
Although applying for real payday loans will have an interest rate attached, at least it is usually cheaper than paying the growing late fees for overdue bills. The typical interest rate of real payday loans is 15% every two weeks, which means that taking out a payday loan may be cheaper than enduring additional expenses.
The real payday loans are also called other short-term quick loan names such as a cash advance, personal loan debt, and short term loan. The principle is the same, although the specific methods used for the quick loan are different.
Usually, real payday loans will allow up to $1,500 of an instant cash loan. However, it is not wise to take out that much, and especially if you are not sure that you can pay the loan debt and the interest rate on or before the due date. If you fail with this, your cash advance debt will multiply.
Are payday loans online a scam?
You may have already known about the real payday loans from local lenders, as well as the online-based real payday loan. The difference between the local and loan online lender is that online real payday loan lenders offer convenience that local lenders can never provide.
The only problem of borrowing a payday loan online is that many of them are scams. After all, setting up a website is easy, and that is why many scammers are using the online portal to scam people through real payday loans.
Before the quick loan is sent to you, the payday loan online lender will ask for a fee. This fee can be anything from documents to the interest rate. Always be doubtful when the lender asks for money upfront because real payday loans lenders will never ask for money upfront. If you have to pay for anything, the reputable lender will simply add that to your total loan billing.
Also, if you feel uncomfortable dealing with an online real payday loan lender, you better trust your instinct and look elsewhere. Besides, there are many other lenders who will make you feel comfortable, and never scam you.
From application to repayment of payday loan debt
To apply for real payday loans, you have to go to the lender or visit the payday loan online lending site. You will have to fill a cash advance form and submit it to the lender along with the needed requirements, such as your company ID and latest pay slip. The information you provide will be checked to determine if they are all accurate. Your reputation and standing as a borrower will be checked also via Teletrack. Once everything is satisfied, you can get the amount you have applied for.
If the real payday loans application is done online, you will also submit a loan online form and then send a scanned copy of your documents or fax them to the lender. Your money will then be sent electronically upon approval.
For the payment, loan online borrowers are typically charged against their debit accounts. This means that you must make sure that your account has enough funds on or before the due date. Local payday loan debt borrowers may be charged the same way, but also have the option to issue a postdated check or pay directly to the lender’s office.
If you cannotpay on the due date, you may choose to “rollover” the loan and extend it for another two weeks. However, every time you rollover the loan, you also pay for the interest rate. If you rollover the loan twice for a $100 loan, you will have to pay $30 for the 15% interest rate. After two months, the loan fee will be $60. Your total billing will continue to increase as you rollover the loan. So it is wiser that you only take out enough real payday loans or you will certainly have problems with the payment.
Obtaining real payday loans can help you out of a tough financial bind, but only if you use them wisely.