Wednesday, June 22, 2011

What to look for in a Pay Day Cash Advance Lender

pay day cash advance lendersWhen you are looking to get a pay day cash advance loan it is crucial that you first spend a little time finding information about the various pay day cash advance lenders before deciding on which cash advance lender to work with. There are a large number of online lenders that offer these types of short term cash loans and the rates, terms and options vary greatly between companies. When taking out a pay day cash loan you will not only want to find a company that is reputable but one that also offers the right loan products to suit your financial needs.

There is a lot of legislation surrounding the pay day loan industry and the guidelines under which they operate will be largely determined by the state in which the pay day cash advance lender operates. Reputable pay day cash advance lenders will not only comply with these laws but also operate competitively within their industry.

Good pay day cash advance lenders set limits on the amount of money their customers can borrow at one time. In most cases these limits are set by state or federal agencies and are put in place to protect customers from borrowing beyond their means. A pay day cash advance lender may have a monetary limit on the amount that can be borrowed or the maximum amount may be determined by a customer’s monthly income. Either way you will need to carefully consider how much you can actually afford to repay from your next paycheck to avoid further financial stress. While extensions are available from most online pay day lenders they should be discouraged as extensions incur additional fees.

Naturally, the fees that a pay day cash advance lender applies to their pay day loans will be a determining factor when deciding on which particular lender to go with however their are other determining factors you should take into account. These loans are short term loans, generally two weeks to one month but the annual percentage rate is not a good indication of the actual cost of the loan as when expressed as an annual percentage rate these charges seem quite high. For this reason, a pay day cash advance lender will usually express their charges as an amount per every $100 borrowed. You can expect to pay anywhere from $25 to $35 for every $100 that you borrow from a pay day lender and with so many lenders offering these loans it is not difficult to find a pay day cash advance lender that will offer a competitive rate on the Internet.

online payday loansThe other important aspect to consider when selecting a pay day cash advance lender through which to obtain your pay day cash loan is the repayment terms that the company offers. Almost every pay day cash advance lender requires the loan to be repaid with you next month’s paycheck and at the time of applying for your loan you will be required to sign a loan agreement that allows the lender to directly debit the loan repayment funds on the repayment date for the loan balance, including fees, thereby clearing your debt. If you receive your paycheck on a weekly or bi-weekly basis you may ask the lender if they can negotiate on repayment terms to enable you to make weekly or bi-weekly repayments, and this is something that may well be considered by the pay day cash advance lender so long as the balance is paid within a one month period.

Finding information about good quality pay day cash advance lenders is easy with the help of Speedy Pay Day Cash. We pre-qualify the lenders before we admit them into our network and only admit those that are honest, reputable and completely upfront about their fees. One thing that can’t be understated is the importance of shopping around and that's exactly what we have done on your behalf. We compare various lenders for you and then provide you with a list of the best and most reputable lenders that will be a perfect match for your needs. By providing you with access to the most reputable online lenders and allowing you to choose a single direct lender you will not be inundated with offers, phone calls and excessive interruptions for days to come from multiple lenders.

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