Do you need some fast cash to pay a bill or make some repairs to your car or home? These types of problems always seem to occur between paychecks after you have already budgeted the money for the next week or so. If you need money now, it is possible to get payday advance loans online. In fact, the process is very fast and easy, but not all payday loans are the same. Here are some things to look for before you take out a loan.
Costs
It should not be hard to figure out the cost of payday advance loans online. In fact, your lender should provide you with clear and easy to understand fee structures. For example, suppose a lender charges $15 for every $100 you borrow. This means you will pay only $30 for a $200 loan. However, make sure this is the only charges you will incur.
Check to see if your loan has any other fees associated with it. For example, are there loan origination fees or fees for applications? Make sure there are no fine print sections (you do not understand) before agreeing.
Truth in Lending Laws
All lenders including those offering payday advance loans online must adhere to Federal laws concerning lending. In fact, they must disclose all costs to you associated with your loan. In other words, there should not be any hidden or unexpected fees.
Your lender must tell you the annual percentage rate on your loan interest. This is the law. However, this amount can be misleading, because you are not making regular payments, stretched out for years. The only thing you need to concentrate on is the loan fee, when you are checking out payday advance loans online.
Qualifications
Qualifying for most payday loans is very simple. Your lender should not have to run a credit check. In fact, these are about the only qualifications you should need:
- Gainfully employed and making at least $18K a year (on average)
- Checking account with direct deposit
- Permanent contact info
- Work phone number
Loan Extensions
In some cases, you may need to get an extension on your loan repayment. This is why you should check beforehand to see what kinds of fees you may have to pay. This is the best way to avoid any serious problems with payday advance loans online. For example, some lenders may let you make a partial payment if you notify them in advance, and then you can pay off the loan with the next paycheck.
