Payday advance lenders can make you accept the deal that is not even near your interests. The result is extra strain on your budget and, obviously, not desired by anyone.
So, how can I take advantage of customization options and get payday advance near me in no time?
Facts and figures
· Many sites argue that payday advances have exorbitant interest rates and three-digit APRs especially in states with poor or no regulations. However, when we speak about measurable amounts of money, things don’t look as bad as you expect.
For a typical 2-week loan of $100 with 15% interest, you would pay only $15. Assuming you borrow $500, the interest adds up to $75, which is a small price to pay for the ability to cover emergency costs.
· Transparent loan calculators reduce the occurrence of misunderstandings and unpleasant surprises regarding fees. They also allow you to compare different types of short-term loans and different offers to discover nearly the best rates for payday advances.
· After several loan renewals, the APR can reach the extraordinary number of 1000%. However, this happens only with the lenders who allow unlimited rollovers due to the lack of proper regulations.
Things to consider before applying for a loan
1. Know what you need
Before looking for the payday advance near your location, answer the following questions:
· How much money do you need?
Example: $100, less than $500, up to $1000;
· What is the current situation of your credit?
Example: very bad, not so good, decent, pretty good, excellent;
· When are you able to repay the loan?
Example: less than in two weeks, in a month; in a couple of months;
· How soon do you need the money?
Example: now, tomorrow, in a few days, in a week;
· Do you need cash or just money in your bank account?
Example: cash is not necessary/is mandatory;
· How much interest can you afford to pay?
Example: the lowest possible rates/I don’t mind paying more for better service;
2. Brokers vs. direct lenders
Answer the following questions:
· Do you want to examine different options without much research?
· Are you willing to pay a slightly higher interest rate?
· Is customer feedback enough for you to prove or invalidate the reliability of your lender (the opinions of people who write on forums, relevant social media groups, basically, anything you find after a simple Google search)?
· Does customer support matter a lot to you?
If you answered ‘yes’ to the majority of the above questions, brokers are perfect for you.
If you have more answers that are negative, look for a direct lender yourself or go for a payday advance store nearby.
3. Online vs. offline cash advances
· Do you need money now or in 24 hours?
· Is cash absolutely useless for you?
· Do you know how to fill out an online application form? Is there anyone who could do it for you?
· Are face-to-face consultancy meetings of low or no importance to you?
· Are you a relatively busy person who doesn’t have time to drive around?
· Do you want the ability to research among many options with just a few clicks?
Predominantly positive answers. The best payday advances near you are the ones with quick online application.
Mostly negative answers. Stick to physical payday loan stores or find someone to help you with online ones.
4. Credit check vs. no credit check
· Do you have a good credit score?
· Are you actively trying to build a good credit?
· Are you ok with waiting for at least 24 hours (more likely a couple of days) to receive the money into your account?
· Do you need a relatively high amount of money?
Lots of ‘yes’ answers (the first three are mandatory). Look for lenders that perform a credit check and report to the three major credit bureaus or at least to Teletrack.
At least one negative answer for the first three questions. You have no other choice but to look for a payday advance lender near you that avoids credit check procedures.
5. Extended Payment plans — yes or no?
Firstly, here’s what you should know about Extended Payment plans:
· You are allowed to repay the loan in a small number of installments (example, 4) usually without any additional costs;
· You have an overall term, for example, 60 days;
· Nobody stops you from paying the payday advance loan in full at any time;
· If you miss an installment, the lender has the right to request you to pay the loan in full immediately;
· You are usually entitled to one Extended Payment plan per year.
Now, answer the following questions:
· Are you likely to roll over your payday advance nearly all the time and want to avoid this habit?
· Do you have to borrow more money?
· Do you feel more comfortable making several small payments instead of a single one?
An Extended Payment plan is suitable for you if you answered “yes” to the above questions. Otherwise, leave this option for the time when you really need it.
6. Guaranteed approval — yes or no?
You should choose a loan with guaranteed approval if:
· You want the money in your account in as little as 10 minutes since you started to fill in the application form.
· You found the best deal and you don’t need anything else.
7. Satisfaction guarantee — yes or no?
Generally, it means no fees if you change your mind about the payday advance in 24–72 hours after taking it. Sometimes this is synonymous with guaranteed approval, while most lenders use this term to speak of the quality of their service. Anyway, if you find a loan with satisfaction guarantee, don’t hesitate to take it. Actually, this option is outlined by the law and has multiple legal operations concerning the benefits.