Finding a best online payday loan lender for yourself is as important as keeping your financial matters in a positive flow. Communication is extremely important between customer and lender and you should feel comfortable asking questions at any time during the loan term.
10 great questions to ask an online payday loan customer representative:
- What are the fees for this loan? A fee should only be charged for the initial loan which will be added to the loan amount and paid off at the end of the term. No upfront costs.
- When does the interest rate get charged to my account? Interest rates start accruing if you do not pay your loan off at the end of the first term.
- Do the rates for the loan fall within the regulation guidelines of my state? Find a lender who will work within the guidelines. You can shop around and find one who offers loans at the lower end of the scale. Spotya! Online Payday Loan Lender offers some of the lowest rates on the internet.
- Are there any fees charged for paying my loan off early? No good lender will punish you for paying in full sooner than expected.
- Do you offer any type of extension or roll over program if I cannot pay my loan on time? Don’t be afraid to ask these kinds of questions. You want to know what may come your way if something was to interfere with your payoff.
- What should I do if I know I cannot make my payment? Any trusted quality company will ask you to call them as soon as possible. Your payment can be rescheduled to save your an overdraft fee. Any business would not allow this practice to be abused.
- How do I know that my required document will be secure? For starters, if talking to a live customer representative, you can start trusting the company. Many numbers found online do not have people answering phones during business hours. A bank statement is used to verify income, direct deposit status and make sure you do not have too many payday loans out all ready. How you send it is up to you, but knowing that a real person is on the other end discussing your application with you is a good sign of a trusted company. Remember, documentation verification by a lending company will protect you from anyone using your information for a loan fraudulently.
- What is the average time for payment? Payday loans are set up to be paid in full with your next paycheck. Most loan terms average about two weeks. The customer representative will work with you to set up an appropriate date for pay off.
- Will this loan affect my credit? Online payday loan companies do not investigate your credit history for loan approval, nor is your loan amount reported to credit bureaus as long as you are making payments towards it. If you default on your loan, it will be sent to collections which will negatively affect your credit.
- How soon can I receive my money? Most lenders will be able to transfer your money to you within 24 hours on regular business days. Companies who can promise money in minutes may seem inviting, but be leery of predatory lenders who want to close the deal fast before you change your mind.
Online payday loan lenders are found online pretty easily. Take some time to look into a few companies in order to find one who will communicate well, follow best practices, and charge low fees.