Sometimes there are situations in our lives that we need extra cash quickly, and not so much from where to borrow it from friends. Urgent trip, home renovation, godson’s wedding, health or financial problems, life likes to surprise us. In such situations, there is often one way out – the loan. However, before you decide which offer to choose, it’s worth finding out what to look for when taking the first payday loan?
Urgent cash needed
What to do when we have a situation where we urgently need cash yesterday? A car breakdown, which we get to work every day, an urgent trip or home renovation due to an unexpected fault. There are times when we don’t have the time of a week or two to decide a bank to grant a loan because time matters. We also don’t always have adequate savings on so-called a rainy day or friends who could save us in such a situation. However, there is a way out of such situations, one of which is quick non-bank loans, commonly known as payday loans.
How to read payday offers so as not to overpay?
There are some basic rules that you should pay attention to when deciding on your first payday loan. It is worth knowing them to benefit only and not to lose them unnecessarily. Although we usually associate such loans with high interest, there are ways not to overpay. First of all – loan repayment time. Yes, this point is, despite appearances, the most important. Not only the amount we urgently need, but the conditions under which we should give it to the loan company. One of them is the repayment period.
What else should you pay attention to payday loans?
Loan companies differ from banks in that they are much less known to us. That is why it is worth checking their credibility, not . Opinions of other Borrowers on public internet forums and payday rankings will also be helpful here.
Once we have chosen a specific Lender, it is worth getting acquainted with the contract we are to sign. Let’s pay particular attention to the amount and repayment period of the loan, interest rate, APRC and additional fees, including commission for borrowing cash. In addition, the conditions on which we are to repay the debt (date and manner), the possibility of extending this period and the consequences of defaulting on time will also be important to us.
Remember that each contract should be concluded in writing on both sides, then it is final. The borrower also has the right to withdraw from the contract within 14 days of its conclusion, the right to complain about the loan and the right to terminate the contract, which should be notified by the loan company