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Choosing the right payday loan lender

It’s usually some kind of minor emergency that causes people to apply for a payday loan – urgent car repairs, unexpected medical expenses, and the like. If you find yourself among the many payday loan customers, keep a cool head to avoid turning the situation into a major crisis.

One important way to do this is by doing your homework and shopping around to choose the right payday loan lender. Not all lenders are alike – their interest rates and conditions, as well as their reliability, can vary a great deal. Here are some important factors which you should consider and compare before you make your choice.

Interest rate
All institutions that make loans, whether they are a bank, a payday loan store or any other lender, are bound by law to disclose to you, the consumer, and the interest that they will charge. Do not sign a loan contract without clarifying this essential piece of information. In addition to the weekly or monthly rate, the government’s Truth in Lending Act requires that you be informed of the Annual Percentage Rate (APR) on your loan.

Other fees
Comparing the APR charged by several payday loan lenders is a very good place to start. However, don’t forget to look at the other fees each one may charge, as well. Relatively small sums for such things as loan administration fees, late payment penalties and even penalties for early repayment can add up to a sizable figure.

The payday lender’s reputation
Make sure that you deal with a payday loan lender who is reputable and reliable. Find out whether any past customers have complained or filed lawsuits against a particular lender, doing a simple Google search might bring some light on the subject. Lenders on our first page has been reviewed for good conduct. But do a Google search anyway if you apply at a broker, we try to have the best brokers here but we can’t guarantee all there lenders is up to standard (as there might be over 100 of them, most of them are good on the other hand).

You should be aware, though, that your bank will have access to your account and will be able to withdraw funds if you get behind on your loan. This may make it difficult for you to cover other vital expenses such as mortgage payments. Other lenders can legally access your account only if you give them explicit permission in writing.

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Grace Chen
Grace Chen - Writer & Editor
A graduate of the Haas School of Business, University of California, which is one of the top three (3) business schools in the U.S., Grace Chen has 10 years of experience in this field and have been delivering stellar business content through her written word. She’s the chief editor of Communicate Better and has written and edited thousands of content published in various online and printed media, including the NYSE-sponsored research studies and MEC Global. Connect with Grace on LinkedIn, https://www.linkedin.com/in/grace-chen-9254ab8/

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