Direct Payday Lenders: Skip Companies With Hidden or Unfair Fees
The best direct payday lenders may not have the lowest interest rates, but they will get you the most bang for your buck. How could you pay a few dollars more for every hundred borrowed and saved? It is easy. For starters, there are plenty of lenders that will hide fees here and there to help offset lower interest rates and then some. It is always recommended to research a company before applying.
What are the hidden fees like? Some are difficult to identify unless you fully understand how the short-term loan process works. It is important to speak directly with the lender and try to uncover any costs that you may have difficulty paying later. Most additional costs are hidden in the fine print or explained in confusing terms and conditions, so it’s up to you to understand them.
-One of the first extra costs you can omit from your loan is the application fee. Look for the “Free Application” notice on the site or call and ask just to be sure. Not all direct lenders do this, so be sure to find one that doesn’t. This fee (usually around $30) is debited from the account listed on your application form. This money pays for the direct payday loan company to accept your application and process it. This does not guarantee that your loan will be approved. You will not receive a refund if the request is denied. Before you start submitting applications, call and verify that the company offers free services.
-Some direct lenders will give customers flexible payment options. It is difficult to pay off the loan amount plus fees in just a few weeks. The most common available options are transfers and extensions. These buy him a few more weeks to get the money. Buy is the appropriate word here. You will have to pay interest fees to delay full payment to a later date. This works much like a credit card. It is not cheating anyone with money. You will have to pay money to gain time. What you don’t need to happen is to be charged extra costs for extending your loan date. Fees plus interest charges are not fair to the borrower. Another hidden cost to uncover is interest rates once the loan is extended. There are some companies that increase interest rates when the loan is not paid as originally scheduled. Don’t be surprised if you find a lender that will charge you additional interest plus a special rollover fee. Call the payday companies directly to find a lender that will price your payment options fairly. Expect to pay interest on your loan… only.
– You will find lenders that charge excessive interest that are often ignored because the company promises larger loan amounts than most direct lenders offer. Often this money has no waiting period. Have you ever read an ad for fast money, like in less than 15 minutes? These companies seek to do business with vulnerable customers willing to do anything to get extra money in their bank account. Be careful. It is important to never borrow more than you really have to have. Just because a high dollar amount is offered doesn’t mean you should accept it. Remember, for every hundred dollars you borrow, you will pay interest. Spending money unnecessarily is never profitable. Look for a company that doesn’t make exaggerated promises. These types of transactions are expensive.
Nobody wants to be nickels and dimes to death. When it comes to payday loan predators, their dimes and cents are often misrepresented and misrepresented, leaving borrowers deep in debt. If you’re skeptical about an offer, take it seriously and switch to another direct online payday lender. Your best defense is to speak directly with the company. Ask important questions and expect clear answers. In the end, it’s your money, so make payday loans as profitable as possible to save in the long run.