While most people know that payday loans exist, they do not know the specifics of how they actually work. While they do feature very high interest rates, payday loans are helpful when financial calamity strikes. Learn how to properly use payday loans through the following tips.
When considering a payday loan, beware of the incredibly high interest rates. In some cases the interest can be as high as 200 percent. Due to the way they structure their loans, lenders who offer payday loans have managed to exempt themselves from the usury laws that might normally prohibit this kind of interest.
As you consider whether you want a payday loan, review your budget and make sure you can pay the loan back within two to three weeks. If you must borrow more money than you can pay back by your next pay period, you should explore other options. Short-term loans for relatively low amounts of money do not have to be payday loans. Browse alternative options before you decide to go with a payday lender.
Check out different lenders before you decide where to get a payday loan. A lot of payday loan companies have lower rates than other ones and some might not charge fees for getting the loan. Some lenders may offer money almost immediately, but others may have waiting periods. If you do some shopping around, you can find a loan for your specific situation.
A reputable payday lender will not usually approve a payday loan using only the phone. You are going to have to go online to properly submit an application. After your application has been processed, you can then complete your loan over the phone. You can also call their customer service, if you have questions.
If you need money to a pay a bill or something that cannot wait, and you don't have another option, a payday loan can get you out of a sticky situation. Payday loans might be a viable option, provided that you don't use them repeatedly.
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