Payday Loans and Fast Cash Guide | Free Payday Loans, Are There Such A Thing?

Free Payday Loans, Are There Such A Thing?

Do free payday loans actually exist?  The uncomplicated answer is yes they do exist, but they are rare and usually have some sort of catch involved.  You have to understand that by free they don’t mean that you get free money, they mean that you don’t have to pay any interest on the loan.  Free money sounds nice, but the amount of money you can save without interest is almost as nice!

Payday loans can be really freakin’ expensive.  The average interest rate on a payday loan is $25 for each $100 borrowed.  That equals out to $125 for every $500 borrowed, or a $1000 payday loan will cost you $1250.  That’s the unfortunate price for high risk short term loans!  If you can dodge that interest rate even once, you’ve saved a ton of cash!

Find A Free Payday Loan

The most common way to find a free payday loan is when lenders are having specials to get new accounts.  They’ll offer a free first time fast cash payday loan.  I’ve always called this “crack marketing.”  It’s the idea that the first hit is free and you’ll certainly come back later on for another.  After the first free loan, they’ll usually charge you a little higher than the average amount to get their money back.

There’s a big workaround in all of this.  The trick is to note all of the free first time payday loans you see, and make the rounds every time you need a loan.  It’s certainly a pain in the ass to pull this off, but it can save you a ton of cash if you use payday loans often.

When looking for free payday loans don’t expect that your local lenders are going to be very friendly when you call and ask if they’re giving away free money today.  They want to make money as much as you want to get money right now!  The best place to start in your mission is online.  You’ve come to a good place already and are off to a good start, but I don’t sell stuff, I just give advice!  There are thousands of online payday lenders out there so be sure to check out a lot of them before signing up.

I should probably tell you about payday lender websites before you hop along on your journey to get fast cash.  Most sites you come across are going to be “lead generation” sites that will give your info to a bunch of actual lenders in order for them to get paid and you get a loan.  This isn’t a bad thing at all, but you have to be ready for your phone to light up and your email inbox to quickly fill up as soon as you put your info into one of those boxes.  You’re going to get a ton of loan offers right away.  Be ready to get a loan when you fill out the contact form!

To sum this ramble up – Yes, free payday loans do exist and they are legit, but it takes work to find them and even more work to exclusively use them.

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