Payday Loans Online

In the continuity of our article, payday loans, here will be introduced pieces of advice for those interested in doing it online. With its high interest rates, payday loans can be a vicious circle for those whom rollover it infinitely. If you are in this situation, consider asking for advice or help, notably with you credit counselor.

# Your Personal Information

Make sure your online lender states clearly what it will do with your information, as it may sell it to others, even if you don't click the " proceed " button.

# Compare them

Compare different lenders to find the best interest rate. Read reviews and don't hesitate to call them to be sure you understand their pricing policy.

# Plan first

Plan how much you will need, the maximum interest rates that suits you, if you plan to rollover or not, and if so, how many times, etc. Asking the good questions will spare you bad surprises.

# Have a Plan B

What will happen on your due time ? Will you have the money ? How much will the lender take ? How many times ? What will happen if you don't have the money on your due time ? Will you need help ? Will you rollover it ? How many times ? Will you have it surely next time ?

" If this happens, then ... "
" If this happens, then ... "
" If this happens, then ... "

# Understand clearly the pricing

Let's say you borrow $100 with a $15 fee and agree with a automatic withdraw. The lender can take the $115 once or he can take it many times : $10 then $10 then $10, etc...

What you need to understand is if the lender will add a fee at each withdraw : $10 with a $15 fee, plus $10 with a $15 fee, etc. The fee must be paid only once.

# Your contacts

Usually when you are applying for a loan, the lender will ask some close friends contact information. You must warn those people that you are giving away some of their information (this information may be sold) and if possible, ask them if they would help you if you need it.

Image : © Kevin Dooley, CC BY 2.0.