Tuesday, August 21, 2012

I will help you choose perfect online payday loans lenders

Have you been struggling to pay your bills or have a financial emergency?

If so then you may want to consider researching payday loans that are completed online.

A pay day loan is a short term loan that is extended to people in the form of a cash advance. The term of the loan is typically less than a month and the borrower promises to repay the loan in full when they get their next paycheck.

Many lenders will set up an automatic withdrawal to be set up so that customers can easily have the money paid off when they get paid.

Most payday loan companies only allow consumers to borrow a certain percentage of their monthly pay for Payday Loans. This protects the borrower and the company from having an issue with the borrower not paying the loan plus the required fees in full when the borrower gets paid.

The online process is pretty cut and dry for consumers. The first step in the process is to choose the same day loan company that you want to use. You should look into researching at least three of these online lenders and compare the interest rates that they charge their customers. The same day loan company will ask you to fax them a current bank statement showing that your paychecks are regularly directly deposited into your bank account. If you do not have a paycheck directly deposited into your bank account each month then you may need to contact the company because most will deny you based on this fact.

I outline few things that you need to look for with any payday loans website. Here they are.

1. Lender, broker or introducer

This is your starting point. The payday loans company or firm should reveal this on their "About us" page or somewhere else on the website. A good lender should readily display the fact that they are a registered lender. Registration information is typically displayed on the footer section of the website.

2. about the payday loan

How much is offered

Look out for how much they offer. Companies usually state the minimum and maximum loan amounts they offer. Look out for the maximum amount offered to first time borrowers. If you cannot find this information, look on the frequently asked questions (FAQ) section.

Payday loans charges

There has to be transparency over the charges and interest for borrowing a payday loan. Most websites would have a fees and charges page displaying this information. Also check out late payment fees or default charges should you miss a payment - this information is sometimes on the FAQ.

Most lenders prefer to collect payment from a debit card. Some set a direct debit from your account. Check and establish what means the company will use to collect a payment from you.

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