Payday loans have become popular alternatives for many people who wish to acquire instant money, really fast. This is the reason why a lot of payday loan stores have been established in the past few years. And with the sheer number of payday loan stores in existence today, people have become quite confused as to what to look for and what to expect when it comes to choosing among the countless payday loan stores out there today.
So what exactly should people look for in payday loan stores? What makes some payday loan stores better than others? What are the aspects of payday loan stores should people pay attention to? Let’s take a look at some considerations on choosing among a great number of payday loan stores.
* Maturity date. As a general rule, most payday loan stores would consider your next payday as the maturity date of your payday loan. However, there are a few payday loan stores that do impose a longer period, say, two paydays’ worth of maturity time. These payday loan stores would therefore allow you more days, if not weeks, to cure your depleted budget before paying for the borrowings the said payday loan stores have extended.
* Interest rates. Generally, payday loan stores charge high interest rates. Be prepared to encounter amounts of $15 to $30 per $100 of amount borrowed. Though such rates are quite steep, you could always try to find payday loan stores that offer payday loans with interests on the lower bracket of the aforementioned range. Payday loan stores offering the same are not that many, but you’re sure to find one after a diligent search of some payday loan stores plying the market.
* Maximum amount of loan allowable. Some payday loan stores can extend payday loans of up to $1,200, while other payday loan stores can only grant a maximum of $800. The maximum amount of borrowings that can be given by payday loan stores depends on existing state laws, but you might as well consider payday loan stores that offer amounts at the upper value of the maximum amount.
* Speed of service. There’s no problem here. Most payday loan stores grant payday loan applications within a day after they are filed. But some payday loan stores have a more expedited service. There are even a few payday loan stores that process applications within an hour after they receive the said applications.
Different payday loan stores have different characteristics and different packages. It’s up to you to decide on payday loan stores that would offer something that would cater to your needs. It is important that you conduct a diligent study of the options available, however, instead of settling with the first payday loan stores that come your way.