The Payday Loans Costs
Every $100 will cost you $15. It's about 391% APR for two weeks of lending. Remember that you will have to pay additional fees if you are not able to repay it in time. The payday loans interests are rather high; in a while, they can become even higher than the sum you’ve initially borrowed.
How to Repay Payday Loans
The loan is repaid in the following ways:
- via your personal account on the loan company's website;
- when visiting the company's office;
- at any bank, using the bank details of the loan company.
Before you qualify for a payday loan, choose the most appropriate method of repayment to avoid delays. When you repay personally by visiting the loan company or online, repayment is instant, and the transfer of funds to the bank account can take several days.
How to Avoid Payday Loans Obtaining
They say that it is better to have a lot of friends than money. This is true. But a person doesn't always find this convenient to ask friends forfinancial support. It is more comfortable to take out guaranteed payday loans at special credit companies. They have such advantages as:
- You can get a loan even if you are 18 only;
- Payday loans are available with a bad credit history;
- The speed of loan approval is impressive.
If you want to avoid a loan obtaining, you can:
- reduce your expenses;
- borrow from relatives and friends;
- use a credit card;
- borrow from colleagues.
Why Is It Convenient to Borrow From Loan Companies?
To get money hassle-free, you need to choose a suitable credit company and carefully study the terms of the service. Most often, the lending institutions have their own sites where the main requirements are listed. Pay close attention to the interest rate and repayment period. Take the time to read the reviews presented on the internet on thematic sites and forums. Researching thoroughly, you will get a proof of the reliability and integrity of the selected loan company.
Many firms offer their customers to fill out the application form via the internet, which is simple and easy. It's enough to go to the site, fill out the columns of the application presented there, and send it by clicking the button. After that, a borrower needs to wait for the company's employee response, who is engaged in the approving process. It's important to provide reliable information to avoid the problems with the contract signing and the funds transferring in the future.
Loan companies are convenient to use because:
- the requirements for payday loans obtaining are simple;
- they offer the opportunity to get a loan even to citizens who don't have a positive credit history;
- no need to use the property as collateral to get a loan.
To be successfully approved for payday loans, one only needs to be of legal age and ready to provide a passport to confirm his or her identity.
Many companies working in the credit sector are ready to make life easier for their clients by giving them the right to choose the option of transferring funds. For example, someone wants to get a loan in cash, and someone prefers getting money to a bank card or account.
Payday loans solve the financial problem when it is not impossible to seek help from friends or relatives. Present-day lending firms offer a payday loan obtaining on various terms, but the most popular option is online requests.
Today, there are many credit companies that provide a service for payday loans obtaining. Therefore, it is crucial to choose the right organization because the conditions under which the loan will be given depends on it. Pay attention to the following:
- Interest rate. It determines how much you will have to pay.
- Maximum loan amount.
- A loan duration. You can apply for payday loans for a period from 1 day to 1 month.
- Requirements. One of the most important conditions is the age of the borrower.
- Rating and reviews. These indicators show how satisfied the customers are with the services provided by a particular credit company. Thanks to detailed information about each organization, it will not be difficult to choose the most suitable one.