If you were to get hit with a $500 bill out of the blue tomorrow, would you be able to cover it? Sadly, more than half of all Americans wouldn’t have to funds to pay for a bill like this. According to a recent survey, almost 60% of people don’t have $500 in their savings accounts right now. This could put you into a real predicament one day if you fall into this category. Fortunately, applying for payday loans would be one easy way to get yourself out of this predicament.
You can obtain many payday loans on the same day that you apply for them and use them to get unexpected bills squared away. But before you begin applying for online payday loans, you should make sure that you’re able to secure the right one. You’ll need to do some digging around to find the best payday loans.
Here is a guide that is designed to help those who are wondering, “What are the best online payday loans?”, right now.
Start by Seeing Which Payday Loans Are Available to You
Prior to putting in any applications for payday loans, you should make sure that you know the answer to the question, “What is a payday loan?” A payday loan is essentially a short-term loan that is perfect for those who need a little bit of extra money between now and their next payday.
In addition to finding out more about what payday loans are, you should also see which companies out there can provide them for you. If you Google something as simple as “what are the best payday loans,” you should get hit with a long list of potential options.
You should not simply pick the first payday loan that pops up and apply for it without doing any further research. But you should go through this exercise so that you know which payday loans will be available to you from the beginning.
You might actually be a little surprised to see just how many payday loans and payday loan companies exist. The payday loan industry is massive at this point and has plenty of options for those in the market for these types of loans.
Learn More About the Different Companies Offering You Payday Loans
Once you have a running list of the “best” payday loans available today, you should do your homework on each of the different companies that can offer them to you. Ideally, you’ll want to visit all of their websites so that you can find out what they’re all about.
While you’re on a payday loan company’s website, you should be able to learn:
- How long they’ve been offering payday loans
- Which types of payday loans they can extend to you
- How their payday loan application process works
- How many people they’ve provided with payday loans in the past
- What you’ll need to do to contact them
- What information they can provide you with on payday loans
The more that you’re able to find out about payday loan companies, the better off you’ll ultimately be. You should be able to start narrowing down your list of options based solely on what you find out about payday loan companies.
Doing all of this research on payday loan companies isn’t going to be easy. It might take you at least a few hours to get it done. But it’ll make you feel more confident in your ability to separate the good payday loan companies from the not-so-good ones.
See How Much Money You’ll Qualify to Receive in the Form of Payday Loans
There are some payday loan companies that will be able to provide you with a few hundred dollars when you need it. There are others that will give you thousands of dollars at a time.
You should carefully consider how much money you’ll need to borrow when taking out a payday loan before you even think about applying for one. You should also sneak a peek at how much money different payday loan companies will potentially provide for you.
The last thing that you want to do is start applying for a payday loan through a company that isn’t qualified to give you as much money as you need. It’ll set you back to square one and make applying for a payday loan more stressful than it should be.
Take a Look at the Interest Rates on Payday Loans
Arguably the most important thing that you’ll need to do when you’re shopping around for the best payday loans is look at the interest rates that will come attached to them. These interest rates are going to play a big part in how much money you’ll have to pay back to a payday loan company.
Sadly, there are some payday loan companies that have earned reputations for providing loans that have sky-high interest rates on them. These interest rates will often make it almost impossible for people to repay these loans when they take them out.
You should abstain from applying for payday loans from these companies and look for lenders that will set you up with interest rates that are between 15 and 20%. Interest rates like this will make paying back payday loans so much more manageable for you.
Figure Out How Much You’ll Have to Pay Per Month for Payday Loans
Because payday loans are short-term loans, you’re going to have to start paying them back almost right away. In some cases, you might have to begin paying them back within just a few weeks.
With this in mind, you should see how much you’ll have to pay back to a payday loan company each month and make sure that you can afford to do it. In a perfect world, you should try to track down a company that will ask you to pay somewhere in the $200 per month range.
Otherwise, you might put yourself in a position where you won’t be able to afford your monthly payday loan payments. Don’t be afraid to ask how much your monthly payments will be at the beginning of the application process.
Check Out How Long You’ll Have to Pay Back Payday Loans
Outside of checking to see how much money you’ll have to repay a payday loan company each month, you should also see how long you’ll have to make monthly payments to them.
As we’ve mentioned a couple of times now, you aren’t going to have too long to pay back payday loans. Many payday loan companies will ask that you repay them within just a year.
But you might also find some that will give you two or even three years to repay a payday loan. If you would like to give yourself some wiggle room in your budget, you might want to try and extend the life of a payday loan as much as you can.
You will usually have to pay more money in the long run when you spend several years repaying a payday loan. But it might be worth doing this to get access to lower monthly payments.
Find Out What the Application Processes Are Like for Payday Loans
The great thing about taking out payday loans is that you can do it fast in most cases. Many payday loan companies will provide you with cash on the same day that you apply for a loan through them.
But every individual payday loan company operates a little bit differently when it comes to their application processes. Some make applying for payday loans super simple, while others drag the application process out a little bit and make it slightly more challenging for people to get their hands on cash fast.
You should, first and foremost, be sure that you can apply for payday loans online before doing it. You should also check to see that you aren’t going to have to spend too much time filling out applications for payday loans.
Calculate How Quickly You’ll Get Different Payday Loans
If you’re going to be applying for a payday loan, there is a pretty good chance that you can’t afford to sit around waiting a week for it to arrive. You need to secure a payday loan, like, yesterday if possible.
Almost all payday loan companies are going to aim to help you get your hands on money as quickly as they can. But some have reputations for taking longer than others.
You should poke around on a payday loan company’s website to see if they advertise how long they take to dish out loans to those who need them. If you don’t see phrases like “payday loans same day” or “payday loans next day” being used, you might want to search for another lender to assist you.
Look At How Different Payday Loan Companies Will Send You Money
If you’re approved for a payday loan, the lender that is providing you with it is going to ask you how you would like to receive it. In most instances, you’ll be able to score a payday loan by:
- Having money deposited directly into your bank account
- Arranging for a paper check to be mailed to your home
- Picking up a paper check from an office in your area
All three of these payment options should prove to be plenty convenient for you. But obviously, having money deposited right into your bank account will be the best option of the bunch.
You should look at which payday loan companies can send you money in this way. It’s almost always better to have money deposited right into your bank account so that you don’t have to worry about a check clearing before you can use the funds from it.
Determine Which Methods You Can Use to Make Payday Loan Payments
After looking at how different payday loan companies will send you money, you should also look at how you’ll be able to send them money in return. You’ll need to be prepared to start sending money to a payday loan company to satisfy your loan almost right away.
If you can swing it, you should try to work exclusively with a payday loan company that will allow you to make electronic payments. This will be the easiest payment method for most people.
But with that being said, you might also feel more comfortable sending a payday loan company a check each month or even meeting up with someone from a payday loan company in advance to give them a check or cash.
Regardless of what your preference might be, you shouldn’t overlook the fact that you’ll need to start repaying a payday loan immediately. You should find the best payment method possible and start using it right away.
Reach Out to Payday Loan Companies to Test Out Their Customer Service
In the coming days, weeks, months, and maybe even years, you’re going to need to put a payday loan company’s customer service department to the test early and often. It’s why you should check to see if a company’s customer service department will be up for the challenge in advance.
Prior to even applying for a payday loan through a specific company, you should touch base with its customer service department. You should ask any and all questions that you might have to them and see how they respond.
If a company’s customer service department doesn’t seem to have time to answer your questions in full, this won’t be a good sign! It’ll suggest that they aren’t going to give you the attention that you deserve in the future.
You want a company’s customer service department to provide you with all the answers that you’re looking for. It’ll show that they’re always going to be there for you when you need them.
You will be stuck working with the same customer service representatives from a payday loan company over and over again. So you want these reps to make you feel comfortable and put your mind at ease when you call on them for help.
Read Online Reviews for the Payday Loan Companies You’re Considering
For a long time, it wasn’t always easy for people to find out what kind of reputations payday loan companies had. They had to cross their fingers and hope that payday loan companies were going to do right by them.
These days, you shouldn’t have to do this anymore. It should be simple enough for you to see what kind of reputation a payday loan company has before you begin working with them on a regular basis.
Right before you go to fill out a payday loan application through a company, you should Google that company’s name and see if any online reviews for them pop up. These reviews should shed a lot of light on what you can expect from a payday loan company.
If you notice that a payday loan company has a long list of negative reviews, this should serve as a big red flag. You aren’t going to want to have a payday loan company like this on your side.
You should instead focus on trying to find a company that has racked up its fair share of positive reviews from people. You’ll feel better about choosing them to set you up with the payday loan you need.
Make Sure You Meet the Requirements Established by Payday Loan Companies
One of the things that people don’t always realize is that different payday loan companies will have different requirements for those applying for loans.
In almost all cases, you’ll need to be at least 18 years old to apply for a payday loan. But you might also need to have a certain credit score to take out a payday loan. Additionally, you might need to be willing to put down a certain amount of money to take out a payday loan.
It would be well worth investigating which requirements different payday loan companies have in place. It’ll help you steer clear of applying for a loan through a company that has requirements that you aren’t able to meet.
You shouldn’t necessarily just choose a company that has next-to-no requirements and apply for a loan through them. They might have undesirable terms that will come attached to their payday loans.
But at the same time, you shouldn’t waste your time applying for payday loans that you aren’t qualified for. Doing this might delay the application process for you and force you to wait longer than you would like to obtain a payday loan.
Sniff Out Any Hidden Fees Payday Loan Companies Might Charge
It doesn’t matter if you’re applying for a payday loan, a personal loan, or even a mortgage loan. You do not want to apply for a loan that’s going to have a bunch of hidden fees tacked onto it.
But believe it or not, there are many lenders out there that will try to get away with hitting people with these fees. Some payday loan companies, in particular, will attempt to do it because they know that people are often in a rush to get payday loans and do not pay close attention to the terms that come with them.
It would be a good idea for you to go through the terms for payday loans with a fine-toothed comb to be sure there aren’t any hidden fees. You should also make it a point to ask a payday loan company point-blank if there are any hidden fees you should be concerned about.
If you find out that there are hidden fees associated with a payday loan, you should head for the hills and not look back. You don’t want to saddle yourself with hidden fees on a payday loan that will make it more difficult than it should be to pay it back.
Select the Payday Loan Company You Like the Best
At the end of the day, you’ll find that there isn’t any shortage of payday loan companies out there. There are dozens, if not hundreds, of them, lurking on the internet.
Your ultimate goal shouldn’t be to just convince one of them to provide you with a payday loan. It should be to find the very best payday loans so that you can sift through them and select the best one of the bunch.
To do this, you’ll need to take all the steps that we just laid out. You’ll also need to trust your gut to some degree and select a payday loan company that you feel you can trust.
The payday loan company that you choose should have a lot of different payday loan options for you. They should also go the extra meal to keep your interest rate on the lower end of the spectrum.
And maybe above all else, they should make you feel comfortable with the idea of taking out a payday loan in the first place. All of this is going to go a long way towards helping you secure the best payday loan possible.
Start Shopping for the Best Payday Loans Today
Shopping for payday loans can be stressful if you don’t approach doing it in the right way. You might end up feeling overwhelmed by all the different payday loans available to you.
There is no good way to eliminate all the stress associated with shopping for payday loans. But you can do away with most of it by using the tips we’ve provided for you. They’ll send you down the right path as you attempt to convince a payday loan company to put some extra money into your pocket.
Contact us to learn about the best payday loans we have available at this time.