Finding A Good Payday Lender

We will often find ourselves buried with bills and do not have enough money to carry ourselves and our family over to the next payday cycle. Such is the fact of life and when disaster strikes, it can bring us deeper into the trench. Emergency expenses are usually very expensive and will be a financial burden.

About Good Payday Lender

If your credit rating is good you can often get a personal loan from your bank, but if your credit rating is less than stellar, your chances of getting a loan from a bank are next to nothing. In such cases your best bet is to look for payday lenders who will offer you a payday advance to get you through the financial crunch.

When looking for payday lenders, there are a few important points to note. Firstly, with the payday loan business being so competitive, you have to remember that although you really need the loan, you do not have to give in to irresponsible and negative clauses. If there is anything that the payday lender requires and you do not agree, walk away, or negotiate.

As an example, some payday lenders will only allow you to fill up their application form if you agree to pay a fee, which will be added on to the loan amount when you repay.  Those practices are the norm a while back to weed out bad borrowers but it’s mostly abolished nowadays. If your lender insists on that figure, try someone else.

Also, payday lenders will often have different repayment scheme for customers. Some will allow you to pay in smaller installments over a longer period of time while other payday lender will only allow you to make a lump sum payment when the loan is due. Most payday lender only allows you to change the repayment scheme if you can show proof of ability to repay or if you have any special circumstances. The rule of thumb is that if you need something and it’s not answered, ask. Payday lenders only put down a general term suitable for most people but are willing to change some of it to get your business.

Finally, when looking for a lender, try to look for reputable ones who are transparent with their contact details and lender license number. There are a lot of lenders who are off shore and are based in some obscure third world country and you certainly do not want to get yourself involved with those shady lenders.

Once you have got your loan money in hand, you are not restricted as to how you use the money but you have to be responsible and only use what you need and only borrow what you can repay as the interest rates on payday loan is usually very high. You will also have to pay a late payment penalty which can be as high as $15 for a $100 loan. You will be charged this late payment penalty every time you miss a payment so it can all add up very fast and you will find yourself paying for the loan many times over. Therefore, treat payday loan with respect, do not borrow more than you can pay and it will be a nice safety net to get you back on your feet after a big fall.