A Few Top Tips When Applying For a Payday Loan

Sunday, December 30, 2012

Only ever apply for the amount you need: Payday Loan Companies charge interest over a very short period of time. The average duration of a payday loan is merely one month. As such, it is in your best interest to decide upon the exact amount of money you require before applying for a loan. This will minimise any possibility that you will end up paying for more than you actually need.

Be aware of varying interest rates between lenders: Some payday lenders charge more than others. Payday Loans are a very unique form of credit and as such more traditional calculations like APR are unsuitable when it comes to calculating the exact amount you will be due to repay on your loan. The main figure you should be interested in when applying for a payday loan is the interest rate you will incur over the duration of the loan period. This is, more often than not, about 25%. Thus, the total amount you will be due to repay on a payday loan of £100 will be £125.

Do you need to fax anything? The payday advance loans sector has evolved massively over the course of the last few years. Prior to the advent of the WWW as a major medium of communication, anyone on the lookout for a cheque advance or cash advance had to go to their local outlet. Nowadays, however, the majority of payday lenders can offer their services online. The process should be fully automated and only in very rare instances should you be required to fax anything. Minimise the amount of inconvenience, and make sure that your payday lender's application process is fully automated.

Same day payment: Most payday lenders have moved online and similarly, a number can now offer same day payment to your designated bank account. Providers like Wonga will even give you an exact time. Make sure you know how quickly your payday lender approves the average application.

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