Best Payday Loans
If you nееd a loan to cover unexpеcted expenses or just need some extra cash to make it until you receive your payment, getting a payday lоan may help!
In recent months, we can observe the activation of companies that offer payday loans. Their advertisements densely decorate subway cars, street posts, special information stands in the courtyards of residential buildings, their banners are constantly stumbling in the Net.
Besides, the names of companies are unfamiliar.
As it turned out, when you address them you need to be extremely attentive. The market is full of quite normal payday loan companies. But quite often under the sign “PAYDAY LOANS” you run on a risk to meet frank crooks.
In this article we will consider the proposals of those who offer real payday loans, tell you the ways not to run into scammers.
All financial services that declare a “payday loan” offer exactly what they promise. The sums are small – from one and a half to ten thousand, although the most typical offer is even less – about 5 thousand. Terms are usually from 7 days, up to a month.
Concerning the loan amount, you should pay attention to another important factor: the client who applies for a loan for the first time, the majority of operators will offer an amount within 1-2 thousand dollars. It will increase as you borrow new loans and repay them regularly. For time-tested and impeccably repaid loans to customers, these limits can reach 10-15 thousand.
Need a loan?
The procedure for obtaining and decorating is extremely simple.
From the filing of the application, to which the passport and TIN are attached, it takes about half an hour to issue the money. Most of these companies declare the decision to grant a loan or refuse in just 20 minutes.
The work of the main players in the market is quite technological, often there is not even a need to look for or visit a branch. The application and your data can be submitted through a special form on the site, and within a few minutes you will be called back by polite call center managers and will report the result.
Often, a call replaces an SMS message on a phone that you leave as a contact when completing your online questionnaire: the first SMS – with the notification of the application for work (if it is issued in accordance with the requirements), the second SMS – the result of consideration, simply speaking, give you the desired loan or not.
It happens that a company manager can call back and offer a smaller amount if the potential borrower has a chance of a loan in that case.
Overpayment for such a blitzloan, converted into standard “interest per annum,” is able to shock a person even with a very developed fantasy – from 400% to 1000% per annum. But this is precisely the specificity of such loans: a little money for a short period of time. For example, with average market conditions for such a service, having lent 1,500 dollars for a week or two, you will return to the lender 1.75 thousand dollars – quite an acceptable “payment for urgency”.
Therefore, such lending conditions are quite comparable with long-known lombard crediting. The principal difference between a pawnshop and a “loan before pay” is the absence of collateral.
One should also not confuse such loans with bank credit products, which often under the “pre-pay loan” promote their loans in cash or limits on credit cards within 3-5 thousand. In the case we are considering, we are dealing with microfinance organizations.
Often they do not have licenses, as is the case with banks, credit unions or other similar organizations. Their activities are carried out according to the principle “what is not forbidden is allowed”. These structures substantiate their credit and commercial activity with the norms of the Civil Code, which allows anyone who lends to lend “own funds to the founders of the Company”. Although some of these companies are still licensed by the National Commission for the Regulation of Financial Services Markets, this is not an obligatory condition for the company to be able to issue loans.
Although the signs of “payday loans” are often covered by outspoken scammers, in the case of microfinance organizations, you just need to pay attention to some important points that will help to protect yourself from scammers and get the money you need. This simple list of facts will help not to become a victim of scammers. When applying for a “payday loan”, you should pay attention to the absence of any additional payments, except, in fact, interest for using the money:
Payday companies should not:
— to take money for consideration / processing of applications;
—offer membership or other regular contributions to obtain the right to use the loan;
— in any form accept money, except payment for financial services;
— provide intermediary and any other services, except financial;
— to demand pledges and guarantors;
— to promise large amounts of money
If you have previously read the terms of the loan, you did not find in the advertisement or the contract such or similar to these conditions – you were in the “right” microfinance company.
All the customer’s expenses are clearly indicated in the information materials that are in the offices or on the site. Such lenders are interested in distanceing themselves from scammers, since the majority of microfinance companies have invested heavily in the creation of branch networks and advertising.
Some companies give customers the opportunity to receive money not in cash at the office, but on a bank card. You need just to provide its number. Most payday lenders send the money on the same day your application is approved, but it could take up to a couple of days to reach your account.
To help you find the right payday loan, think about:
· How much you need to borrow: To avoid paying more interest than you need to.
· How long you will borrow for: This is the time you have to pay the money back.
You may discover how much a loan will cost you by visiting a lender’s website, but check you are eligible before you apply.
Usually people find lenders online and let start an application from their homepage. If not, there is usually a visible apply button you can click on.
All in all, apply for a payday loan only if there is no other variant, only if you are on the scratch and don’t know how to manage with urgent expences. And remember the tips how to choose the best payday company not to overpay or fall into the endless debt.