It’s no secret that Payday Loans are expensive. Payday loan fees and interest are 5-10 times more than a credit card. The advantage of using a payday or cash advance loan is that you can get the money faster and the loan approval process is relatively quick. There is no credit check, so it is a low barrier to overcome. But it is important to get the cheapest, cheapest rates you can afford to get an everyday loan.
Here are some tips to help you get a cheaper everyday loan:
Before You Decide Compare 3-6 Payday Loan Companies – Payday loan companies’ fees can vary greatly. Be sure to compare multiple lenders before you decide. Although the company claims to have the lowest rates. Don’t take their word for it.
Read the fine print – Be sure to read the fine print when comparing fees from lender to lender. When they say their fees are $ 10 for a borrowed $ 100, find out how long it is. Is it for a 14-day loan? Or is it a week? Make sure you know how much a company charges $ 100 for a 14-day period.
Only borrow what you need – this is not the time to make a little extra money. Paid loans are always available. If you want more money you can get more loans from another company. Borrow the minimum you think you need. It is a huge waste to end up borrowing more than you need, paying interest on the money in your account, and then turning around and returning it to the lender.
Borrowing for the shortest time possible – ask about a down payment. If you can, will the lender allow you to pay the loan earlier than expected? Make sure you can, you don’t have to pay extra interest for the money you don’t need anymore.