Tips to Avoiding Unscrupulous Payday Loan Lenders

There are so many different types of loan and loan sources out there! If you have a need for a loan, it helps to know exactly what you need so you can narrow the list of what is available down to a list of what is the best option for you to choose.

If any of the following apply to you:

Need for the loan money to be available as quickly as possible
Need for a short term loan that can be paid off as quickly as possible
Need for a loan at an affordable rate
Credit problems (bad credit or no credit)
Need a loan that does not require collateral or a down payment

The great loan option for you is a payday loan lender.

Payday loan lenders will make sure your loan money is accessible within 24 hours. Payday loan lenders are not a ‘bad credit loan’ source but a loan source that does not use credit as a factor for qualification of a loan.

With a payday loan lender, the money you owe will be automatically debited from your bank account on your next payday, at an affordable rate, so your loan will be paid off as quickly as possible.

Some payday loan lenders allow you to pay off your loan over the period of a few weeks, if you need and qualify for an amount that is more than you are capable of repaying in just one week (paycheck).

Payday loans are the most convenient loan source, because you can apply online, be approved instantly and without any hassles, and the money you need will be within 24 hours. Once you have narrowed your list down to the payday loan option, there are even more choices to be made.

With a growing need for the convenient financial relief that a payday loan brings, more and more payday loan lenders are developing. Searching for the right payday loan lender can be difficult, because they are all competing to win you as a customer.

Fortunately, since the payday loan application and approval process works so quickly, you have the extra time to perform the research needed for an educated decision about which payday loan lenders to consider, and which to avoid.

Avoid payday loan lenders that have a higher interest rate than 50%. Some payday loan lenders will actually charge up to 400% for you to receive a payday loan.
Choose payday loan lenders that charge a payday loan rate you can afford. Spotya! Cash Advance only charges 15% for a payday loan.
A trustworthy payday loan lender will not approve you for a payday loan if you have an existing loan, particularly one you are in default of.
A non trustworthy payday loan lender will encourage you to borrow the maximum amount allowed. While it is always tempting to have ‘more money’, a trustworthy payday loan lender will actually discourage you from borrowing more than you are capable of repaying.

When you do decide on a payday loan lender, you should choose one that clearly puts your financial needs and your abilities first. Otherwise, you may be surprised by many additional fees.