When searching for a payday loan company online to get a cash advance through, there are a few factors you will want to compare with each lender to make sure you are getting the best loan for your situation.
Here are a list of 6 factors that will help you in comparing each payday loan lender.
1. What are the fees? Fees online can range from $10 - $30 or more per $100 loaned. There is a lender online that has no fees for your first loan. (To see this lender, click on the link below). Find out before you sign, what the fees are per week, per $100 loaned.
2. How long will it take to get the money deposited into your account? If you are really in a hurry, it could mean all the difference in the world if the cash is not deposited into your account on the next business day, but instead, 2 business days later. There are a few payday loan companies that will wire the money into your bank account within 1 hour from your approval time. Find these details out ahead of time.
3. Are there any hidden fees, like application fees or anything else? Find out if there are any extra fees if you need to extend the loan. Weigh this factor when calculating the cost of getting the loan.
4. How much can you borrow? Most payday loan companies will loan up to $500. Some will loan up to $1000. Then, there are some that will max out at $2-300. If you have already gone through the loan application process and been approved, it could be a real pain to find out that you can’t borrow as much as you need to.
5. What are the minimum income and verification requirements? Compare the requirements for the loan on the website of the payday loan or cash advance loan company. This will save you time when applying. You will then know ahead of time whether or not you are likely to be approved
6. Is it necessary to fax in documents to be approved for the loan? Sometimes it can be more convenient if you don’t have to fax in any documents to prove your income or bank information. Sometimes the cash advance loan company can verify this information by phone instead of having to verify it by fax. Find out how the company will need to verify your income.
To see a list of our recommended payday loan sources, including those with the lowest fees and easiest application processes and those that will deposit into your account within 1 hour of approval, visit: Recommended online cash advance sources
Carrie Reeder is the owner of http://www.abcloanguide.com. It is an informational website about various types of loans. ABC Loan Guide has articles and the latest finance news posted, along with lists of recommended lenders for different types of loans.