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Finding A Payday Lender

This page discusses ways to find a payday lender and specific  payday loans.

There comes a time for many people when they realize they are short on cash with nowhere to turn. Maybe your paycheck was short this pay period because of an illness or emergency, or maybe your bills were just higher than normal. Or an emergency occurs, such as a medical issue or car problem, and you need extra money that you just don’t have. You may be looking for a way to get a loan, but with your poor credit score, you aren’t sure where to turn. A direct payday lender can be the best bet for a situation like this. A pay day lender can get you the cash that you need fast, with little requirements and minimal wait times, and you don’t even need good credit to get a loan. So how do you find a direct payday lender?

Understanding How A Payday Loan Lender Works

A payday lender is in the business of giving out loans to those who may not have the resources to get them elsewhere. There are two ways to apply for a loan- either at a local business or online. However, applying with an online lender may be more convenient for some. There is no driving to the company, which wastes gas and time, to stand in a long line to get a loan. Using a direct payday lender online can be done any time of the day or the night, and from any home computer, or even an office or library computer.

A pay day lender offers loans in the amounts of $100 through $1,500. The amount that an individual can get will depend on a few factors. First off, each state has different laws that govern how much can be borrowed at a time, and caps may be set in place for the state you live in. For example, you may reside in a state that only allows you to borrow up to $500 at a time. Other factors to determine the loan amount will be the personal policies of the company and how much you make at your place of employment.

When the loan application is finalized, the cash is directly deposited into the bank account that you will be asked to provide in the application process. When the loan is due, which will be on your next scheduled pay date, it will be automatically withdrawn from the same account, along with all applicable finance charges.

How To Undertake Finding A Payday Lender

It’s important to look for a pay day lender that offers loans for a reasonable finance charge. These charges can run anywhere from $10 through $30 per every $100 that is borrowed. When finding a lender, choose the one that offers the lowest finance fee, so you do not end up even more behind on your finances.

Read the fine print on any loan agreement. Many payday loan lenders automatically renew the loan for you, which may not be what you want. If you simply want to repay the loan on the original due date and be finished with the agreement, be sure this is how their policy works.

If you are worried about repaying the loan on time, you may want to consider a company that does renew your loan, or at least allows for an extension. With an extension, you will be required to pay the finance fees on the loan, and the principle amount of the loan will be rolled over until you get paid again. This option can be helpful when you still need extra time to pay the loan back.

Applying for a payday loan can seem to be a good idea when you are short on cash or experiencing a financial emergency. Just remember to do your research and read all the fine print before choosing your payday lender. If you have any questions, make sure that you can speak to a representative of the company before applying for the loan.