You may be applying to a payday loan company for the first time and you are not sure of what to expect. There are horror stories on the internet that proclaim that all payday loans are bad. You need the money and you know that payday loans are your only option and you intend to pay back the loan quickly.
There is no need to worry. Payday loan companies also follow the same financial rules and regulations set for banks and they make sure that their customers are satisfied. In fact to assure you of their quality and customer service we’ve created a short FAQ guide to what you can expect with payday loan companies and payday loans.
So here goes.
1. Are all payday lending agencies the same? — No they are not. Some companies specialize in short term loans while other payday lending agencies only provide weekly loans. We recommend you check the details given on the website before you actually ask for a loan. If possible Google the name of the company online and evaluate its reputation before finally getting the loan.
2. How do I apply for a loan? — All payday agencies have an online application process. That means you have to fill in the online form with personal details and your loan amount and the company will get in touch with you. Make sure you fill in the form correctly or the company will reject your loan application. Some good info will be found in this site.
3. How much cash can I get? — Initially all agencies sanction only 20% of your paycheck to ensure that you can repay the amount. However some companies may lend you more based on other factors. Take the time to read the TERMS AND CONDITIONS of all websites before you ask for a loan. In some cases the company may provide a larger amount to customers.
4. How long is the application process? — Payday lending agencies pride themselves on the fact that they respond in less than ten minutes to each loan application. Applications are approved in 15 — 30 minutes and the entire process may take less than 5 hours.
5. Are agencies open on weekends? — Yes they are open on weekends as well and some agencies are open 24 -7. Some companies also specialize in providing overseas loans to local citizens.
6. How does the repayment process work? — You can repay the loan in any way you want like cash check card etc. The payday agency will specify the lending process on the contract and they will list the repayment process they offer.
7. I cannot repay my loan this month. What can I do? — Lending agencies offers customers a roll-over option in which they can extend the loan to another month to pay the loan. This does mean that your repayment amount will increase. Make sure you calculate the amount before you rollover the loan.
8. Will my information be private? — Yes payday agencies are not allowed to share your details with any other third-party agencies until you give your express permission for the same.
In the end it all comes down to research. If you borrow from a reliable website you have nothing to worry about. The company is trustworthy reliable and follows ethical lending procedures that protect the consumer. Apart from this the company also ensures that customers are given the utmost privacy and consideration while collecting the loans and closing the loans. The company has never had any complaints and we recommend you try out their services before you go anywhere else. You have nothing to lose and everything to gain.