The most
important things to consider are: how much can you borrow, what is the
interest rate, are there any additional fees, will you need to fax over any
information, what is their minimum income requirement, and how long will it
take go get your money?
How Much Can
You Borrow?
Although many
payday loan companies will lend you up to $1,000 and some will max out at
$1,500, others have a $200 to $300 limit. You'll probably feel pretty
frustrated if you go through the loan and verification process and then find
out that you cannot borrow as much as you want.
What Interest
Rate Do They Charge?
Interest rates
vary a lot from one cash advance company to the next. Although a few
charge less than 10% for a first time borrower, most will charge you between
ten and thirty percent.
In other words,
if you want to borrow $500, you will have to pay back the five hundred dollars
plus an additional fifty to one hundred and fifty dollars in interest,
depending on the company.
Are There Any
Hidden Fees?
Although it's
rare, some financial institutions charge an application fee. If one
company's interest rate is low but their application fee is high it could end
up costing you more than if you borrowed from a company with a higher interest
rate that doesn't charge an application fee.
This article is
knowledgeable and persuasive article for anyone who is interesting and seeking
for payday loan. Please fill in your
information to apply for a loan and to have your credit check at the same time. Thank you.
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