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Payday lenders have made the application process easy – all one has to do is to fill out an online form and provide required information. The money is transferred into the borrower’s account and then withdrawn at the time the loan becomes due. If you are someone who is in need of instant money, then applying for the payday loans is definitely a good choice. However, here is some important information that you should know about these quick cash advance loans.
- Payday loans can be rolled over – which basically means that the borrower gets an extension. The loan will eventually have to be repaid but the fee structure changes and borrowers end up owing lenders a lot of money.
- Payday loans are very expensive as the interest rates on these loans are very high. This is the biggest pit fall associated with this type of loan. However, one can ignore this if the need is extremely urgent.
- There is also a fee for getting a pay day loan and it may vary on the amount you may want to borrow and this fee also defers form lender to lender and state. This fee is called the service fee.
- The blank cheque has to be filled with the amount you have applied along with company fees.
- There are options of getting cash in hand or direct transfer of the money into your account. The choice is given to the borrower.
- If there are insufficient funds in your account at the time of repayment, some companies give a leeway of a fortnight or so. Wherein you could put enough funds so they get their money back but with a fee of course.
Can a borrower apply for more than once in the same site with time gap?
If the user has got a payday loan in any online website and clear it you are treated as VIP customer. You will get notable services from the familiar lenders. So, you will get the loan with certain exceptions when applying for another loan from the previous online payday loan lenders.