Last month, when I received my electric bill I was really panicky and nervous because I had no money to pay for it. I was really worried and wrecked. Then my friend suggested me to take out payday loan that is meant for meeting urgent needs such as credit card bills, utility bills, electric bills, overwhelming medical expenses and many others. Shelly (my friend, in case you wonder) even imparted me some other facts about payday loan such as this loan is a short-term loan, also known as cash advance and is debited with 24 hours after one applies. I was bit relieved after I got to know all these, and I soon applied for it. Believe it or not, I indeed received the loan within 24 hours and could pay my electric bill without any further delay.
Now, taking out payday loans might be sounding extremely easy and effortless task to you. However, let me here take a pause and remind you that my friend (Shelly) provided me with a list of factors to be taken into account when I was about to apply for a payday loan. Let me here share some of those factors with you, so that you can also go about taking out payday loans without putting much effort and facing any hurdle.
Terms and conditions: One of the important factors (as suggested by Shelly) for taking out a payday loan is its terms and conditions. She repeated asked me to skim over the terms and conditions in order to ensure that the interest rates charged are feasible. She even warned me that I might come across different interest rates offered by several different payday loan companies. Of course, she was absolutely true. I indeed tumbled upon different interest rates with different payday loan lenders, depending upon the size of the loan, and the amount borrowed. Nonetheless, I was careful and cautious as much as possible when obtaining the loan. Went through all the fine prints and ensured that the interest rates I receive are legitimate. I also looked into the matter of fees charged for the loan and also the penalties due to early or late payment.
Keep loans manageable: Shelly advised me to take out the amount of payday loan that is manageable and can be paid off at ease. Trust me this advice of the friend was really useful and handy. Since I took out only the amount that I had needed, I could easily pay it off. Hence, I would like to advise you to not obtain more than what you require. While taking out payday loan is easy and requires no credit check, it is tempting to borrow more and more. However, always bear in mind that if this vicious cycle begins, it will be very difficult to repay and get out of it. So, keep it as minimal as possible.
Customer service: Last but not the least, Shelly also asked me to consider customer service when borrowing the loan. She told me that if I do not feel comfortable working with a particular payday loan company, then I should look out for some other one. So, before borrowing the loan, I corresponded with the representative and ensured that they respect their clients and deal with them properly.
Taking out a loan is a serious process which requires responsibility from the borrower and can’t be taken lightly. Lots of consumers complain on their bad experience of using payday loans. But some people don’t even know the interest rate on a loan they apply for! It’s not worth to apply for a loan in a hurry. Take your time and find really a good and reliable lender. Read terms and conditions and make sure that the lender has a license and acts legally. If no fax payday loan will bring you use depends on you. In case you borrow money for a reason, deal with a trustworthy lender and your income really allows to pay the loan off then probably you will get positive financial experience.
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