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How I Found A Cheap Payday Loan

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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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