Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a broker not a lender.
Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a broker not a lender.
Jun 22, 2017
5+1 ways to choose the perfect payday loan
You must have found yourself in a situation where you are in urgent need of money, to get that repair done quickly, or to cover those spendings which seem to be over your budget. Even if you consider yourself to be a smart spender there are special scenarios which you can never prepare for. A few weeks earlier I found myself locked out from my own house, which generated an unexpected expense, as even though it took only 5 minutes for a locksmith to solve my situation, I was charged with not only a service fee but also with a considerable visit fee on top of that. I was not calculating with that expense, and as it was the end of the month, even this small unexpected "loss" affected my budget. In cases which you cannot prepare for, short term loans, especially payday loans might get you the perfect solution, as they are easy and quick to get.
But how do you choose the perfect one?
1. Bank loan or payday loan?
As opposed to getting a short term loan from your own bank, payday loans do not require the same amount of burocratic struggles to go through. If you file a request through your bank for a short term loan, you might find yourself caught up in the process, as inevitably it will take a huge amount of time - not to mention, it might even be to late according to your schedule. Payday loans on the other hand, provide you with a swift payout option as there is a much shorter process to go through to get your request approved.
2. Compare rates and costs
In exchange for this swift helping hand, you might be charged a higher fee, but the time advantage is undisputable compared to other forms of loans. Compare the costs and rates to choose the best payday loan out there. You will find a great variety of options, but one of the driving factors of your future commitment should be the interest rate. Check the company's website for further information on the costs, to get a clear picture of what you are committing to.
3. Ask those questions
Lenders are out there for a reason, that is: to help solve your situation and answer your questions. If you find anything that is unclear about the process, contact the lender the get all the information needed for you to make a decision. Usually, the company's website will have all the information on the process, rates and costs. The best payday loan companies' best interest is to inform their potential clients correctly, and help them understand the financial procedures regarding their future borrow. As the financial industry is never an easy topic, don't be shy to ask your questions before making your final decision.
4. Look for feedback
Just as with any service out there, it is advisable to do some research before committing to any of it. The best way to confirm your future decision is to rely on people's feedback who have been in contact with the company. Ask around if anybody has done business with them, search online for any feedbacks given to support your decision.
5. Read the terms thoroughly
It is always advaisable to go through all the terms before committing to a financial obligation. The terms will contain all the information concerning due dates, and the details of your future contract. Even if you have come to the final stage of finalizing your deal, don't be afraid to ask your questions, if you stumble upon anything unclear. As mentioned earlier, it is the company's interest to keep you safe and happy - otherwise, who would be creating those positive feedbacks?
+ Get yourself a Payday Pug
Our team at Paydaypug is at your service to provide you with reliable short term loans. We aim to deliver swift solutions for any unforseen scenarios that might affect your balance. Check out our website for further information on our rates, costs, terms and feedbacks. In case you have any questions do not hesitate to contact us, as we are happy to help. Hopefully, you will be the one leaving that next positive feedback about our great service delivered.
Payday Pug Team
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Representative example: if you borrow £550 over 18 months at a flat rate of 180% per annum (fixed) with a representative 770% APR you will make 18 monthly payments of £113.06, repaying £2,035.08 in total. Rates from 45.3% APR to 1721% APR. A short term high cost loan should not be used as a long term solution. We are a broker not a lender. We don't charge fees. We don't sell your personal information. We may receive a commission from the lender.