Payday Loans What Should I Know Before I Sign Up For One?
There are many Bad Credit Payday Loans Guaranteed Approval Direct Lenders available online, but without doing a little research you could end up with more than you bargained for. One very important thing to know before you begin, these types of loans are not available in all states. Some of these lenders will get around this by not divulging their location. Check with your state’s department of banking for additional information. Now that you have read the caveat, let’s get on to the interesting part. There is another piece of information you should consider before you begin. Read the fine print at the bottom of the webpage. Many of the sites are not the actual lender, but a third party site that will look for sites to match you up with and you will spend more time filling out your information with a lot of people who shouldn’t have access to your personal information. Use your search engine to look for “online direct lender payday loans” keying this in should weed out the brokers.
What is a payday loan? Payday loans are short term loans to help individuals who have an unexpected expense arise. Usually people need to borrow up to $500. Payday loans are NOT long term loans and are usually expected to be repaid by the borrower’s next scheduled payday. A few of them will extend the amount over two paydays but this is rare. If you need larger amounts of money, what you should search for would be long term lenders.
Bad Credit Payday Loans Guaranteed Approval Direct Lenders
The process is quick and usually you can get your money within twenty-four hours. They do not require collateral (some physical item of value). You will fill out a simple application form online and wait for a response. Usually you will have an answer within 24 hours. If you are approved, the lender will send you documents via email to sign and return. The signature is usually done as an e-signature. Once you have completed signing the documents the money will be wired into your checking account.
There are a few things you should consider before signing for a loan of this type. First and foremost be sure you will be able to repay at the designated time frame. Repayment dates are usually displayed on the website during the application process. Another consideration will be the interest rate for such a loan. Some of the lenders charge rates that are astronomical in relation to what a bank loan would be. Currently, the federal government is reviewing the laws for these lenders and may create a law that limits the interest. Some loans are as low as 29.85% and others are as high as 138%. By using due diligence, you may save yourself time and money and protection from identity theft.