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How To Choose A Payday Loan Company

Choosing the most appropriate payday loan company can be difficult as there are so many to choose from. There are many websites which all look appealing and are claiming to have the best service. A great way to help you decide which one is the best to go with is by comparing all of the sites based on a few simple points.

Look at the different interest rates which are offered by each payday loan company. Some will be higher than others, but all will seem to have a high APR. That is because the loan needs to be paid off within a very short space of time. You should expect to pay around 25 dollars per 100 dollars which is a good deal especially if you need a quick solution.

The next point to look at is the application process of the loan provider. It helps if the process is done completely online. Some will want to talk to you on the telephone or ask you to fax through bank statements or proof of work papers as identification. If you need the money in a hurry then choose a payday loan company who only require you to fill in a single form via their website with minimum fuss or hassle.

You will have to meet certain requirements which every loan company will ask. It is essential for anyone trying to obtain credit to be at least eighteen years old. You will also have to have a bank account which is in your name and that is active. This is where the payday loan provider will pay in the funding and also take the repayment back out on the date which is agreed upon.

It is also essential that you are in work and have been working for around six months. The payday loan company will want you to give full details of your employment including the frequency that you are paid and the amount you are paid. This will help the loan company work out a repayment plan which you are able to afford comfortably out of your next pay packet.

In most circumstances it will be necessary to be in work which is at least sixteen hours a week. If you are in full time work you will be able to borrow more as your budget will be higher. When trying to choose the best payday loan company it is important to make sure that they accept part time workers as this is not always the case.

There are some useful comparison websites that can help you decide which lender is best for you. All of them should be fairly accepting of applications made by people who do not have the best credit histories.

This means that even if you have defaulted on past finance contracts or have been made bankrupt you are still able to apply. The credit check is normally only carried out by a payday loan company to make sure that you are who you say you are and to prevent fraudulent claims.

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