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One of the most common complaints of borrowers or loan applicants is the complexity of the procedure, the varying criteria determining eligibility and the eventual discretion that lenders or loan officers enjoy while approving or turning down an application. Loan applicants or borrowers are really at the mercy of the whims and fancies of lenders. Even the most institutionalized lenders that have publicly expressed policies tend to maintain many discretionary powers. If the typical loan application procedure was not complicated enough, the uncertainty makes the scenario more baffling.

When you need some money, especially when you need it fast, you don’t have the luxury of time or endurance to deal with uncertainties, complexities that could be easily simplified and you would also need to just attend to your financial needs instead of trying to satiate the never ending criteria of lenders. That is where payday advance loans become the most relevant and also the most simplified option of all. Let us explore how simple it is to get payday advance loans.

• If there is one loan option or financial product that doesn’t factor in anything but your eligibility to repay, then it is payday advance loans. All traditional loans will factor in many other elements. Even if you can afford to repay a traditional loan, ala the installments over a period of time, you would still be subjected to associated checks and evaluations. It is understandable that banks or private lenders would want to safeguard their investments but that cannot be applicable for all scenarios. If you need five hundred or a thousand bucks for a short term, you really don’t have to subject your profile to endless scrutiny. Payday advance loans would just factor in your income and your next paydays. That is all there is to know for payday advance loans to be approved.

• The entire process of applying for and getting approved for payday advance loans is also simple. There is hardly any to and fro that you have to engage with. Furnish all the documents and there are just a few to provide, wait for a few hours and you would hear back from the lender or loan officer. You can get the entire process done online. You don’t have to queue up or wait for a fortnight to hear back from the lender. Whichever aspect of the process you consider, be it application or repaying the loan, it cannot get any simpler than with payday advance loans.

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It is always wiser to deal with direct payday lenders. You can stay away from the middlemen or brokers, you would get to speak directly with loan officers and you would not have the risk of being mislead or misinformed. When you deal with aggregator sites or too many third party enterprises, you are bound to get confused and mislead to an extent. Keep things simple and deal with direct payday lenders.

Since there are many direct payday lenders and you must always consider more than one before choosing a particular loan, you must compare the propositions. You can use many parameters to assess the pros and cons of all the direct payday lenders that would be suitable for your loan. Here is a brief list of those parameters that can help you with your assessment.

  • Start with the loan amounts. Check what kind of amounts the direct payday lenders will approve. If you can satiate your need with the range of the loan amounts, then proceed to the next stage. Else, just ignore the particular lender. Also, bear in mind the risk of relying too much on the maximum loan amount that a lender will offer. If you need a thousand bucks and a lender has a maximum limit of a thousand bucks, then it is likely that the lender doesn’t usually offer a thousand bucks to its borrowers. A lender that sets a maximum limit of two thousand or three thousand will have more borrowers getting approved for a thousand bucks.
  • The second stage is the obvious assessment of rates of interest. But you should not conduct a standalone assessment of the interest. You must factor in the processing fee and any other charges that the direct payday lenders would levy on you. It is quite possible that the rate of interest of one lender is more favorable but the loan fee or processing fee may nullify that benefit. It is possible that a lower rate of interest along with a high processing fee would cost you more than an apparently high rate of interest but no or very low processing fee.
  • At the very outset, check out the repayment term. Many direct payday lenders would want you to repay the entire loan with the interest on your next payday. That may or may not be easy on you. If you need more time, then you should look for direct payday lenders that would allow you a repayment term of three months or more.
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