Important Facts About Payday Loans

Important Facts About Payday Loans

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Ever tried searching for ‘short term loans’ on the internet? You’ll get a bewildering amount of options. You could spend hours and hours looking at every website that comes up and still be none the wise as to which loan to choose. The first thing you should do is decide which type of short term loan best suits your needs. Short term loans include credit cards, payday loans, personal loans and bank overdrafts.

Which loan you pick will depend on how much money you need, how long you need the money for, your credit rating and to what extent you’ll put up with the hassle factor. Let’s say you need a small amount of cash for a short period of time and don’t want to go through the process of applying for a loan with a bank. This type of loan is called fast cash, quick quid or a payday loan. Payday lenders will extend a short term loan to you with a period of less than 30 days or for the time up until when you receive your next salary payment. Arrangement fees are substantial but are worth it because of the convenience of getting cash into your account on the same day.

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There are a couple of ways to find a short term loan like a payday loan: you can use price comparison websites or a search engine like Google. If you’ve already decided on the type of loan you require you now need to make a list of criteria to judge the many payday loans on offer. In this list you will need to include the interest rate and/or arrangement fee and any additional costs you’ll incur if, for example, you don’t pay the money back in time. Price comparison websites have the advantage over search engines in that it is far easier to compare different payday loans in one just place.

Comparison websites will lay out the different loan providers including the relevant information such as the cost of the loan. An additional benefit with some comparison sites is the customer rating score. Customer rating scores link to customer reviews where you can find out what the experiences of others have been. Loans offered on a comparison website are also likely to be offers from more established companies, however some comparison websites will promote their own loans or those of partners so do look out for that.

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On the other hand, a search engine will give you an unbiased list of providers of payday loans. You’ll have far more choice in picking a payday loan as long as you’re willing to spend time comparing and taking notes. A benefit of search engines is that the search results will usually show the most popular payday loan right at the top although a high profile may be a result of negative rather than positive publicity so do check! Also remember that the highlighted results are those that companies pay for, so they’re not necessarily the most popular or the best option.

Whether you use a comparison site or search engine, always remember to determine whether the payday loan is from a reputable company and make sure that you fully understand the agreement you’re entering into.

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