Cheap payday loans are short-term, high-interest loans that you can get without worrying about your credit score. They are also known as cash advances or cash values that can help emergencies arise. There is a solution if you find yourself in a financial crisis and have no options to save yourself from the situation.
Cheap Payday Loans are recent additions to the world of personal finance. They can be created by anyone in the business of lending, which agrees with an individual applicant. This agreement is usually made over the phone or through the internet since it is easier to do over the internet. Since these short-term payday loans are created through contracts between an applicant and lender, there are restrictions regarding who can receive them and what they entail. However, borrowers may come across very few companies that operate strictly illegal payday loan businesses without following any state or federal guidelines at all.
Several great rules come into play when applying for a payday loan; however, one must understand them before signing up for this type of loan. If they lend money out unlawfully, most lenders will contact the borrower during their possession of the loan and request additional fees or exorbitant interest rates, which could end up being thousands of dollars. This is why it is strongly suggested that you establish contact with your lender before applying for the loan. If you do not want to pay interest, then do not ask for it! It may seem like common sense, but many borrowers have done just that only to be hit with large balances they never expected to incur so quickly on paying back on a two-week loan!
For the best possible cheap payday loan experience in your lifetime, follow these three simple dos and don’ts:
- do review all terms of the contract with the commissioner or office which regulates payday loans within your state;
- do check on past complaints concerning your potential payday lender;
- do read all fine print when accepting a payday loan;
- do make payments whenever due;
- do make sure to contact your lender if you need help making a payment on time;
- don’t borrow more than you can reasonably pay back on time;
- don’t hesitate to ask questions;
- don’t ever lie on your application;
- don’t allow people you know nothing about to co-sign for your loan.
Options to Help You Qualify for Cheap Payday Loans
The following is a list of different options we could consider to help you to qualify for cheap payday loans:
- increase hours at the job;
- job reduction;
- find an additional job;
- work overtime;
- increase income;
- do side jobs;
- find a home equity loan.
Take out a home equity loan. It is important to have higher income from your regular employment and more money from your “side jobs” or ideas such as painting, babysitting, tutoring/tutoring services, professional writing, and others.
As you can see, there are many other ways to help you earn more money during the week, let alone adding in a little bit of cash on the weekend from a second part-time job. So, what else could you do to generate more income? Before you decide that payday loans are a great option, consider applying for small business loans or other personal loans if you own your home! You may be able to get these loans from local banks or credit unions. Examples of possible considerations would include:
- Home equity.
- Car title.
- Home equity line of credit.
- Other forms of collateral.
Also, try putting some effort into earning passive income by saving up for a down payment on your house: make it a goal to put aside 10% of all your income as an ongoing expense after you are finished with your mortgage or house payments! If you can put away 5% or even more than 10% into savings or investments, then this will allow you to build up a lifetime worth of money fast without having to resort to high-interest rates on predatory payday loans ever again!
Cheap Payday Loans Rates and Terms
The following is a list of valuable information regarding payday loans. Annual Percentage Rate – APR This is one of two fares that will be assessed for your loan; the other is principal (the money you borrow from your lender). This is a measure of how much you will pay in interest over a one-year loan term. The APR is calculated and stipulated in your contract with your lender, who you will most likely be dealing with face to face if you decide to receive a personal payday loan in person or deal with them over the internet, then it will be through the phone.
Generally, all lenders will charge an interest rate known as the “base rate” that does not factor in prepayment penalties. When your contract is signed, if you make full payments on time every month, you can qualify for an APR below the “base rate.” If, however, after several payments are made, you opt to pay ahead of time due to no longer being able to keep up with the terms laid out in your contract or choose not to make payments on time each month, there are now potential penalties which can be included in your contract which can end up being considerably higher than just the regular “base rate.”
How to Apply for Cheap Payday Loans?
The following is a list of simple instructions to help you apply for a cheap payday loan.
- Find a lender
- Agree on a payment plan
- Apply online or in-person
With the vast increase in payday lenders’ number and popularity, there are endless options available for online applications. Even for quick loans, you could go ahead and apply for an unsecured personal loan without having to face your lender face to face. Payday loans are usually between $100-$1000 for two weeks to pay off until you receive your next regular paycheck. If you are unable to keep up with the repayment schedule, then there are late charges which can be charged; however, most companies do their best to avoid this altogether as a way to keep their customers in the long run! It should be noted that rates and terms vary from loan to loan, so it would be suggested that you apply through only one or two lenders at most to compare what type of rates and terms they have to offer before deciding on only one lender to see results from.
There are several benefits associated with getting a small unsecured personal loan:
- No credit check;
- You can borrow up to $500,000;
- 0% interest rates if qualified;
- almost no fees;
- quick turnaround time.
Cheap Payday loans are great because they tend not to require much to qualify for them since they are small amounts of money paid back on time each month. Hence, it is easily possible that you might qualify for a cheap payday loan if you live in a state where they are regulated and monitored by the state government! You can find out more about applying for a cheap payday loan by clicking here!