Direct payday lenders provide emergency short-term loans. If you don’t have a credit card to absorb an unexpected cost until your next payday and you've explored more economical options, one recourse is to take out a quick payday loan. For more information regarding their appropriate use, read our articles about fast loans. Our research as we compare payday loans leads us to conclude that the best payday loans are from 100DayLoans, NetLoanUSA and FaxFreeCash.
Sound financial planning should prevent the need for frequent use of payday loans. If you are considering a payday loan, we suggest that you pay attention to the following selection criteria:
Consider the underlying security technologies of the payday loan site as well as its policies concerning the sharing of your personal information. Check for the presence of an SSL certificate that indicates the use of Secure Sockets Layer encryption so that bad guys cannot sniff your bank account number as you communicate it to the lender.
Ease of Use
Observe how well the payday lenders organize their websites. Can you find the information you need without difficulty? What does it take to submit an application? How much personal information must you give out? We favor companies that are convenient and hassle-free, and that allow for various repayment options.
Cost of Loan
Instant payday loans are far more expensive than the interest rates you would pay if your debt were on a credit card. We attempted to find lenders whose interest rates and fees were the most reasonable.
While you compare payday loan lenders, search for any online complaints. Find out whether customer support is available on the days and at the times that might be best for you.
Payday loans are extreme remedies for those with no credit card, no savings and a reluctance to borrow from family and friends. The interest rates are extremely high because the lenders are keenly aware that applicants for payday loans are not likely to have excellent credit histories. Therefore, if you must resort to quick loans, understand the terms in detail. Paying back the loan as soon as your next paycheck arrives will keep you on financial track and keep interest rates from eating your money alive.
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