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It's Important to Compare Payday Loans Before Applying - This is Why

Written By emilie dane on Monday, January 21, 2013 | 9:40 PM


Always compare payday loans and payday loan companies before you apply for a personal loan. Some of the reasons are obvious, but some may not be so obvious for some people, especially if they've never applied for a payday loan before. Here are a few things you should look for.

#1. Will you get your money the same day? This may be more important to some than others, but you'll definitely want to know when you'll be receiving your money, won't you? Of course!

#2. Do they accept checking accounts only or are savings accounts acceptable? Some people don't use checks and only have savings accounts so they can get their direct deposit. I know that there is a difference between stores, so there may be a difference with online payday loan companies as well.

#3. What is the maximum amount of time that they'll wait for repayment? This varies from company to company. Some only wait until your next payday, regardless, while some will wait up to 30 days. If this is an issue for you, then you need to ask.

#4. How much can you borrow on your first loan? This too will vary from place to place. If you need $1000 today, but the company that you're applying to won't give you more than $100, you're wasting your time.

#5. Check the amount of interest you'll be paying. It's going to be high so get over it. That's the cost of doing business with payday loan companies, however, if you are trying to get a larger loan then it could make a big difference in how much you must pay back.

These are just a few things that you should have in mind before borrowing. I recommend that you take a good look into comparing payday loans online. This way you won't have to call each one or stand in line, drive around, etc., it will all be right in front of you and easily accessible.

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