With increased demand for payday
loans due to financial conditions there appears to have been an increase in the
number of payday loan providers. Not all payday loans are the same. With all
the different features or conditions it is easy to get confused. This article
will try to help you work out which payday loan is right for you.
Issues you might consider include:
- Costs
- Loan amounts
- Subsequent loan amounts
- How long does the process take?
- Confirmation of income and other details
- How are the funds delivered?
- How are loan repayments made?
To help with your analysis you need
to make a simple comparison table. You can use a sheet of paper or a
spreadsheet. List the main features or issues in the first column and then at
the top of the next columns add the names of your chosen payday loan providers.
To help you consider the important
issues, the following points appraise the major points of difference between
the various providers.
Costs
The types of fees charged by
providers come in various forms and names. Typically there is a set figure for
arranging the loan, often a fee per nominal amount borrowed (i.e.: $25 per $100
borrowed) and interest fees. There will also be overdue payment fees.
Loan Amounts
Payday loan providers try to lessen
the risk of borrowers not making repayments. It is not uncommon for initial
loans to be at a lower level. This means that whilst they might market loan
amounts of $1,500 or more, the initial loan can be a fraction of that amount.
You will need to find this out before wasting your time applying.
After you have repaid your first
loan, the provider may increase the maximum loan amount subject to their
lending criteria.
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