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Payday Advance Loans – What to look out for
Payday advance loans can be helpful; easy to obtain loans, but there is some level of peril associated with them.
Conducting business on the Internet is convenient and easy, but there is also the element of the unknown. That unknown element is not knowing who you are dealing with. Their web site can say anything, but who knows if the information that is posted is true? It is essential for you to do your due diligence and check out the lender very carefully before sending them any personal information, especially personal and financial information.
Payday advance loans might look very attractive and seem harmless when reading the advertisements and the capsule version of the loans, but always read the fine print. The fine print is usually a disclaimer at the bottom of the web page that discusses the qualifying elements of the payday advance loans.
The first thing to look out for when applying for payday advance loans is the fees. You may not know there is an application fee, a loan activation fee, a loan closeout fee, a late fee, a late payment penalty fee, a late night application fee or a rollover fee until you have signed on the dotted line and accepted the loan.
Do not just take the lenders word for it that the loan is fee free. Make sure the loan contract notes the fees and how much the fees are or that there are no fees at all. If the contract contains a lot of “might’s and may’s” when discussing fees, it might be wise to seek another lender.
The finance charge is another area to check very carefully. The interest rate varies depending on the lender, but make sure the interest rate offered is the rate that will affect the loan from beginning to end. Some lenders have a low fee at the beginning of the loan, but the tare will increase in the loan is not paid back before the due date. The interest rate might even increase in the loan payment is late. Read carefully for qualifiers that the finance charge will be one fee and another fee if some other event takes place.
The payback time frame is another critical area to check. Most lenders will note a date the loan is due, but some lenders also note a time on that date the loan is due or it will be considered late if paid after that time, even if the payment is submitted on the date it is due. The late payment will be subject to late penalties and fees.
It will be worth taking a little bit of time and checking the lender with the Better Business Bureau, or BBB. A reputable lender that offers payday advance loans will be a member in good standing with the BBB. That is not to mean, fees, interest rates and payback time frames should not be checked out as well, but a combination of all the elements will assure you of getting a decent deal.