How to Get the Best Guaranteed Payday Loan
Since payday loans are often needed during an emergency when time is of the essence, it can be hard to track down the best guaranteed pay day loan for that specific circumstance. But if you have any time at all, it helps to gather some information and compare the different stores and options.
Compare Interest Rates
The best option in finding a company offering the best online guaranteed payday loan is to either pick up the phone and start calling, asking what the interest rate is for the amount of money you’re seeking to borrow or to use the free quote tools on the internet that will deliver mulitple quotes to you. Generally, the interest rate fees range from 15 to 30 percent, so try to find something closer to 15.
Other Benefits
If you need the money quickly, try to find a lender that will get you the money as soon as possible. Most advertise that they can either hand you the money or deposit it in your bank account within 24 hours, but some can do it even faster than that. If you don’t have the time to be driving around and checking out different local payday lenders, check out their Web sites and find out if you can apply online. Many payday lenders tout the fact that they can avoid the hassles of the paperwork that faxes once brought. Try to obtain a guaranteed payday loan without having to send or receive a fax.
Payback Terms
Find out what the deadline is to pay back the loan, and whether you’re charged a penalty for paying it off earlier than anticipated. Find out about the quality of the business you’re dealing with. When you first call the payday loan store, how do the employees answer the phone? Are they polite and courteous, or could they care less that you called? And most importantly, do they answer your questions thoroughly and sound willing and eager to meet your needs? These are the qualities that you should look for anytime you’re going shopping, and good customer service is especially important when dealing with your livelihood.
Check out their Web site to see if they offer information. This is another resource to see whether the company is up-front and wants to offer as much information as possible. Companies that lack Web sites or have sites with less than the desired information may reflect that they’re not enthusiastic about solid customer service. The more information, the better.
Ask your friends and co-workers if they know much about the guaranteed payday lender you’re interested in dealing with. Do the employees and manager work with the community, or are they aloof and self-interested in just themselves? You can also check with your local chamber of commerce and the Better Business Bureau.
Gathering Information
Most states have specific laws regulating businesses that offer guaranteed payday loans, so the lenders are required to give you certain information. You can check your state legislature’s Web site, or contact your local representative. Many politicians try to keep tabs on the payday lenders to make sure they aren’t taking advantage of their constituents. For example, in South Carolina, the lender can only make a guaranteed payday loan of up to $300, the maximum fee they can charge is 15 percent of the face amount of the check, and the customer’s bank account must be verified. If they tell you anything differently than what is state law, beware.
But if the payday lender doesn’t seem to have a problem offering you information, if it seems they’re abiding by the law, and if they offer you a low interest as quickly and efficiently as possible, then you probably don’t need to look further. To apply for a loan or to see if you qualify, go to the top of this page and fill out the contact form.