What should you know about a best cash advance loan before you apply? You will most definitely want to understand how the short-term loans work especially if you have never used one in the past. Consider the interest, possibilities for hidden costs, long-term payment options, time frame for payments and general business practices for short-term loans. What should you find?
When looking for a best cash advance company, have a list of questions prepared ahead of time.
Before you call up potential cash advance lenders, write down all your questions down so you don’t forget any one of your concerns. Here is a list of sample questions which may get you started.
*Do you charge application fees?
*How much interest do you charge?
*What do you charge for late fee penalties?
* Do you offer roll overs or extensions?
* Are there fees for extending my loan?
* How long are your payment terms?
*How do you calculate the approved loan amount?
*Do you charge a fee for early payoff?
*How do you calculate the APR?
If you have researched a few companies and are ready to make the phone calls, ask the same questions to each of the direct cash advance lenders. Take notes on each lender in order to compare their practices and costs. The more you understand how a company runs, the easier the process will be.
Take note of how the customer representatives interact with you. Is the person friendly and knowledgeable? Is he/she trying to steer you away from obtaining answers to certain questions? Do they redirect your answer to the application page while suggesting that receiving the loan application would give them a better handle on your questions?
If you are looking for best cash advance lenders you will want to find the best answers. This shopping process can help you filter the good from the bad lenders. Once you know these lenders will work with you on good business terms, take a look at their costs.
There is a large range for interest charges for short-term loans. Some companies stick to the high price tags while others work on a more competitive approach by charging lower amounts hoping to get repeat applicants. They may not make as much per loan, but having a customer return over time will eventually make up for it. It is a known that many customers use these types of loans 5-8 times a year. In this case, it is practical to find a lender with lower fees.
Make sure that the companies you choose do not charge application fees. This is a charge which is automatically debited from your bank account listed on the application. This transaction is complete prior to deciding if the loan will be approved or not. Who wants to pay an extra charge to a company that rejects your loan application? Look for “Free Applications” notice on the webpage and inquire about any charge during your call. It may take a applications to a few companies in order to find a lender that will work with you. A best cash advance lender will reject your application if you don’t qualify so make sure you are only sending in free applications.