Payday Loans and Fast Cash Guide

Finding Cheap Local Payday Loans

Everyone knows that payday loans are a ridiculously expensive way to get fast cash. But not everyone knows what it takes to find a cheap payday loan! In this post I want to offer up some tips for finding the best rates at your local payday lenders. It’s actually much easier than trying to find good rates online, but it does take the extra work of heading down to the loan office to get your money.

It’s important to note here that local payday loans tend to be faster than online ones. The reason for this is that they will cut you a check on the spot, rather than transferring into your checking account electronically. Sure, electronic funds transfers are instant, but your bank has to approve it to post the funds to your account.

The first step to finding a low cost payday loan is to figure out where all of the lenders are in your area. Saving ten bucks on a payday loan doesn’t make any sense if you have to burn that much gas to get it and pay it back! If you can, put this together on a list with their addresses and phone numbers so that you can jot down notes in the next step.

Once you have an idea of who in your area is lending money, it’s time to call them up. The purpose of this is to ask them what they’re currently charging so that you can compare them with all of the other lenders in your area. What you can also do at this point is judge things like customer service and figure out what paperwork you have to bring with you to apply. Getting the paperwork right the first time will save you a ton of time.
From here simply compare your notes among all of the lenders on your list and find the one that’s the cheapest. Don’t forget that saving money isn’t worth being treated like garbage, so you may also want to consider how friendly they were during your phone call.

Saving money on your payday loan helps you make sure that you’re able to pay it back. Not paying a loan back, or having multiple loans out at the same time leads to an enormous amount of debt that’s nearly impossible to climb out of on your own. Get the loan that you can afford so that it’s not such a struggle to get it paid back and prevent any of the payday loan drama that so many people have to deal with!

How To Find A Cheap Payday Loan

Finding a cheap payday loan is easier than you probably think.  The first thing that you have to do is to do the work yourself.  A ton of people make the mistake of using one of those loan matching services in the hopes that they’re shopping your application out to get you the best rate.  That’s a naive line of thinking, they’re shopping your loan out to get them the most money.  There are a lot of shady cats out there when it comes to fast cash, so doing the work yourself is going to also help you protect your butt!

This methodology only applies for a payday advance online, not the local ones.  If you’re comparing rates for local lenders, just call them up and ask.

The first step is to find actual lenders, not the loan matching services.  The easiest thing to do is simply to go with websites that are brand names that you’re familiar with.  If they lend money in a store, they’re legit.  So all of those lenders in your neighborhood will also be able to help you out online.

Another thing to look for is a section of the site for customers to log in to their accounts.  Only actual lenders have actual customers, so the matching services will not have this.

Once you have a few websites, just open up each on in a different browser tab (ctrl+T opens a new tab in most browsers).  Now you’ll have to browse around each site to find the section that shows what they charge in each state.  There will normally be a chart of some sort that shows you how much you’ll pay based on loan amount and length of time.  Finding this on each website will allow you to compare what they’re charging side by side.  There is not an easier way to find a low cost payday loan than this!

Another thing to look for when you’re checking out different lender websites is discounts for first time borrowers.  This is more common than you probably think.  Payday Max will almost always do 50% off the interest for new customers.  They do this as a way to draw in new customers on the thinking that you’ll come back and borrow again.  Use the loan one and don’t go back to take advantage of their generous marketing tactics!

Just remember that even the best payday loan is risky.  Failure to pay it back is going to screw you in a big way.  Even something as simple as an extension is going to cost you a ton of money.  Get the loan, pay it back, then move your life forward.  The last thing you want to do is rely on payday loans as a source of income.  Doing so will cause more debt than you’re going to be able to pay back!

Getting Cheap Loans

Are you experiencing monetary dilemma and have no means to find a solution for your present predicament? Then maybe you need a loan. There are a lot of cheap loans provided by many lending companies. These are deals offered by lending companies to make it easier for the person applying for the loan to pay them back.

There are different kinds of loans such as:

1. Cheap Personal Loans – these are loans which are granted for your own personal needs.

2. Mortgage Loans – these are loans that are secured by real property such as mortgage.

3. Auto Loans – this type of loan is intended for those that want to buy a new car or are in need of assistance with their car payments through a refinancing of their auto loans.

4. Business Loans – these are loans that aid small business owners to start their company going with financial assistance made available.

5. Debt Consolidation – this kind of loan is intended to substitute little outstanding amounts at different rates with one solitary loan that has lower interest rates and an accompanying set of conditions.

6. Student Loans – these are loans made to help and assist college students enrolled in a university financially in paying for their education.

7. Home Equity Loans – these loans are applied for by those that are thinking of remodeling or repairing their houses with the equity of their homes as collateral for the loan.

These cheap loans are offered by different lending companies with diverse deals on the pay back that is easier for the applicant to comply with. There are two basic types of loans, these are:

1. Secured Loans – these types of loans are those that are granted with the use of collateral for the financial assistance. Collateral is the use of the borrowers’ property in exchange for the approval of the loan. This also entails the borrower to applying for a bigger amount of loan that can be paid long term.

2. Unsecured Loans – these are not granted to those who have bad credits. These are loans that do not need collateral before it is granted and are usually paid over short term only. Hence, you can get the money right away if you have good personal debt history.

How I Found A Cheap Payday Loan

I needed a cheap payday loan to make a purchase, that in my opinion was necessary.  I  wanted to put down $500 for a motorcycle in order to keep down the amount that would be owed to the finance company, to $5,000 rather than $5,500.   Another reason was that I needed to place a deposit on the bike in order to keep it waiting for me.  The cash was not available until my next paycheck which was payable in under two weeks, so I needed some fast cash.  A friend recommended a cheap payday loan company and I engaged them online after perusing other possible payday loan companies.  The rates were all competitive, but I wanted to get the cheapest rate possible.

After spending some time researching the cheapest payday loans, I learned quite a few things.  Most importantly, in order to get the cheapest rate, you have to shop around online.  Cheap online payday loans are out there, but most lenders aren’t very outright with their rates.  I’ve concluded that the most legit companies are always going to have their rates posted on their website.

I also spent some time trying to find a cheap payday loan in my city.  There were two ways I could do this, I could hit the road and go to all of them, or hit Google local search to find all ones in my area and call them up.  Every payday loan store has their own requirements and rates, so it’s extremely important to find the one that’s right for you instead of choosing the first one you see.

I found a cheap no fax payday loan, and was not in a great hurry.  Nevertheless, my payday loan funds were in my checking account within 24 hours.  Now I was able to write a check that had money behind it (imagine that!).  The payday loan company served my purposes and charged a very cheap rate.  The transaction went smoothly with no hangups.

Sure the interest was a bit high, though not that far from some of my credit card rates, upon which I did not want to add the $500.  Luckily, it wasn’t a big payday loan so I didn’t have to spend too much in interest.  I am careful with my money and knew I was going to pay the loan back on the due date, which is the responsibility of the borrower.

I was excited to be able to get this new motorcycle and felt great when it was ready to go.  As I drove the bike home I was happy, as you can imagine.  The loan served its purpose in making it possible to purchase this motorcycle.  The service offered by the company was fast, efficient and they treated me well.  If you need a short term loan this is the way to go.  All that is needed is the discipline to pay the loan back in a timely fashion.  A cheap  payday loan is a good choice when funds are needed over a short period and you know that you can pay it back.

Note:  This is a guest post by Nick Drake, a good friend of mine from Austin, Texas.  -Lydia

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