A payday loan is nothing but a borrowing of money for a short term based on the salary or income of the loan seeker with high-interest rates.
- Factors need to follow before choosing the payday loan lenders
- Percentage of interest
Different lenders have different rates of interest and periods. Some may charge reasonable and some may charge heavy interest and even may levy extra interest if fail to repay within the stipulated time. So it becomes always necessary to check the interest without being trapped in the loan circle. Some fraudulent lenders keep the interest rate hidden and highlight the lending amount and may pay immediately but one has to reject such lenders. Lenders have to be transparent in their procedures.
- Agreement and rate of interest.
Check the loan amount to be paid on a specific date and time and maximum put everything into paper so that no confusion arises. If it’s not put on paper there may be chances of lenders doing fraud by putting heavy interest for late payment because the loan received to date is not mentioned anywhere which may end up in paying more. Lenders have to mention the rate of interest for the amount received and if any late payment interest then what percentage of interest will be levied? All these should be clearly stated in the lender’s agreement.
- Customer service
Always check the customer care contact number or mail id to whom people can contact to clarify the loans or interest which helps to build trust and also to find a potential lender. Study their customer reviews who have availed of these Zippyloan results.