First, identify if a payday loan is right for you. Regardless of any discounts on fees, payday loans can be expensive. The interest rate can vary from each loan company or lending bank. If possible, do not borrow at all. Next, would be to borrow from family or friends. Family and friends will be more willing to negotiate interest rate and a payment plan. If you able, borrow from a financial institution, as the interest rates will be more reasonable. The last option should be a payday loan.
You can obtain a legitimate payday loan from an actual loan center or online. If you choose a physical site do resesearch first. Many are chains, which may offer a better sense of security to the lender. Online lending requires the loan to be deposited directly into checking account as the only option. At a physical location, you actually will receive a check or cash on the spot versus having an automatic deposit into your checking account. Such places are PLS, Check n Go, Check into Money, Cash Store, etc.
If you go online, read the fine print. Many sites are only referral sites and not actual lenders. This is very important, as they ask you for all your personal information such as social security number, checking account and routing number and are not even able to offer you any financial assistance themselves. Check the fine print. There will be a disclaimer either at the bottom of the page or under the facts tab. It will state that they are not a lending institution. In addition, sometimes when you use a site that is not a lending company, you can be referred to another site that is not an agency. In your internet search, type words such as online lenders or online payday lenders. The companies that make referrals often get the first spots on the search engine page such as Google or Bing. Look at the lenders page and read the fact page BEFORE you fill out any forms.
If you choose to take a payday loan, you must be aware of all the implications of the contract. A payday lender does not complete a credit check for the loan, however uses Telecheck as a reference check. The loan application and contract will state all fees and interest rates that apply. With the federal Truth in Lending Act, it is mandated that lenders disclose the terms and rates of payday loans in the consumer loan agreement. The interest rate or APR must be disclosed in this agreement in bold print. All of the information that a borrower needs to know is contained in this agreement, but most borrowers actually do not read the document. As a result, many borrowers are caught by surprise by the actual interest rates and terms. To avoid this, read your loan agreement thoroughly and ask questions. make sure you understand the outline of your repayment plan. Make sure your payments are on time. If you can, pay off payday loan early to save on interest or your APR. You can also pay a little more than installment payment to help pay off loan quicker. Make sure you understand all the information before you sign, whether physically, electronically or verbally. Legit payday lenders will call and speak to you for verification. Also, do not take ANY loan where you have to pay first or place a deposit. (This is a sign that you are about to be scammed).
There are many legitimate online lenders. One such site is www.mycashnow.com. They are a lender and not a referral site. Currently they are offering a discount for first time customers if you state referred by friend and promo code ITSAGR. Another site is http://www.pay1day.com. They are an actual lending intuition and will have your money in your checking account in 24 hours. Their financial institution is Solomon Finance, based in Wisconsin. You can call apply online or you can call 1-888-729-1329. On the application, or on phone, mention you were referred by by code knygaard0141 to potentially get a discount on your loan. This is a great discount and they are a verifiable lending company.
If you want a legitimate online payday loan, make sure to read the webpage to see if it states whether the site offers loans, is a lender or it may state "not a lender". Always use referral codes and/or ask if there are any promotions or discounts. Many times there are discounts available but not advertised. customer. Also, if you choose a lending center location, many have coupons or codes listed in your phone book.