Direct Payday Loan Lenders
Payday loans online are popular because they allow people with little or no credit to obtain cash quickly. As a lot of the big loan lenders (banks, credit unions, etc.) no longer offer small unsecured loans, the direct payday loans lenders have stepped in to help out. Payday loans might get a bad rap for high interest rates, however it is a much needed and often used financial institution for people that are short cash and need to pay bills, have an emergency, or just need food and gas.
The question that most people have it about the ARM. This is the rate of interest that the loan lender will charge for the cash advance loan, but often if a person does the math, it's pretty close to a credit card, or other type of revolving credit plan where interest is paid monthly. Take for example many store credit cards, a person may purchase something that cost say $500 with a ARM of 15% and pays $15 monthly. A typical payday loan online is about the same amount. The buyer sends in their minimum monthly amount for payment on their store credit, which would take over 3 years to pay off and at a cost of about $150 in interests. The same person takes out a cash advance for $500, but has to pay it back a lot quicker. This time the person only pays less than $100 dollars in interested if the loan is paid back within 30 days. This means that there are times when a payday loan actually costs less than a credit card, or personal loan would.
Finding out if a payday loan is right for you is the first step. The hard part is trying to find out which direct payday loan lender has the best services for you. Using tools online like ratings and reviews is a good way to find the right payday loan lender. There are websites that even let users rate their experience and share the ratings with others who might also be interesting in find direct payday loan lenders. In addition to websites, there are other good resources at local chambers of commerce, government agencies, or other reliable local resources that can provide a referral to direct payday loan lenders.