Pay Day Loan Companies: Compare Before You Apply

by : Ryan Arsendatama

When you search for pay day loan companies you should look at a number of things before you apply for a loan. Compare their interest rates, fees, maximum loan amount, and repayment scheme. Also make sure that they have no hidden fees which could cause extra repayment. Many pay day loan companies now have gone completely online which makes you easy to compare them without the need to pick up the phone.

With the online business operation, pay day loan companies can process your loan application quickly within the same day. In some cases, you can even expect to get an approval within several hours. The speed of the loan processing is enabled by the Internet technology that provides maximum security and verification for both the borrower and the company.

How much can you borrow?

Pay day loans are meant to help you overcome your short-term financial troubles. The loan amount is ranging from as little as $100 to up to $1000 or even more. You can get the loan from almost any pay day loan companies if you meet some requirements. What they ask for are basically the proof of your employment, salary, and bank account. Some companies may demand certain amount of minimum salary in order for you to become eligible for the loan.

How long the repayment term?

As the name suggests, pay day loans are cash advances that you are supposed to pay when you receive your next pay. The term may vary depending on the date you usually get paid, but usually you have two to four weeks to make the repayment. If you think you are unable to pay off the loan on time you should request for an extension until you have enough funds to repay.

You can make the repayment in one big lump sum or installment. Keep in mind though that the longer it takes to make the repayment the higher you have to pay for the interest. Our recommendation is to borrow as much as you can pay. Look at how much you actually need and your capacity to make the repayment on time.

Instant help for financial emergencies

Pay day loans can become a great savior when you face a sudden financial need. Borrowing money from a bank can prove to be cumbersome. Pay day loan companies are only a couple of mouse clicks away to solve your cash emergencies. The best thing to do is always compare them and find one that really suits your requirements.