Payday Loans and Fast Cash Guide

Low Cost Payday Loan

A friend of mine heard that I received  a low cost payday loan to put down a deposit on a motorcycle.  He was also a fan of motorcycles and asked me the procedure for obtaining payday cash advance loans.  I told him what company I used but recommended he surf the web to see if he can get a better rate.  He discovered that most companies offered competitive rates and used the same company that loaned me the money.  He purchased his motorcycle and has been enjoying it ever since.

He explained to me that when he was searching for low cost payday loans online he learned a lot about how they work.  I was under the impression that payday loans online were a shady business, but I learned that as the security technology on the internet has increased, the number of dishonest payday loan lenders has decreased.  There are some instant payday loans that don’t require anything to be faxed in to them, and everything is taken care of online.  I’m extremely impressed by these faxless low cost payday loans.  I worked in internet security for a while a few years ago, and these things were still a pipe dream then!

From what I know about him he is as responsible with money as I am.  Therefore, he paid his loan back when he received his next check from work.  He claimed that since his loan was only for about a week the interest was negligible.  He believed it was worth it since he had the motorcycle waiting for him when he picked up his check the next day.  Otherwise he would have to go shopping for another motorcycle.

Fast cash payday loans can tide you over for the short term when you do not want to tap other sources of funds, or you just do not have the money now.  The only requirement is for you to be sufficiently responsible to pay back the loan on time.   If paid back in a timely fashion, the interest on the low amount borrowed does not add up to a lot of money and you get convenience and peace of mind.  Payday loan companies should not be attacked by other lenders who in many cases do not want to lend to these people.  All you need is a bank account and proper identification to get the loan.  The experience I have had, and those I have heard about concerning payday loan companies has been positive.  When you need some funds for the short term and know income will soon be coming in, a low cost payday loan is not a bad choice.

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

Low Fee Payday Loans

It is possible to get low fee payday loans. All that is necessary is to do a little checking around at various lender websites and at local payday loan stores. One thing that is a little tricky is actually discovering the fee amounts that are charged. Many times you will not know until you actually start up the application and get to the final moments when the totals are disclosed.

Here’s the truth about low fee payday loans. A low fee runs about $15 for each $100 that you want to borrow. The term should be at least a week and preferably two weeks. Payback time depends upon when you get paid however. If you are only paid on a monthly basis your loan will run for a month long term. Watch out for sliding scale fees that creep upwards day by day. What you want to find is a set fee for the period.

In other words, look for a set fee of about $15 per $100 no matter how long the loan term is. It should be the same fee if your payday is a week away, two weeks out or even a month away. Anything different is too much. While browsing I did see one website that claimed there are lending fees as low as $10 but everything I found was at least $15 to $25 per $100. In local stores most of the $100 loan fees were $15 or $16, which is still a good rate.

Low fee payday loans are great for filling in gaps in income or when an emergency crops up to mess up your budget. You most likely will not be able to get similar fast cash short term loans from your local bank or credit union. They offer very low rates, but not for small short term loans.

Page optimized by WP Minify WordPress Plugin