Month: April 2020

No obligation payday or installment loans

installment long term loanWouldn’t you want to have no obligations at all? Of course, in real life, this is not really possible as obligations are part and parcel of life. However, there are cases wherein you might not have to face any obligation. Take payday loans for example, you are not obliged or forced to take one out until a certain point in the process has been reached. This really makes is convenient for borrowers who may suddenly change their minds about a certain payday loan product.

Before we go there, however, let us briefly discuss what a payday loan is and the process that you have to undergo in order to take one out. So basically, a payday loan is a financial product wherein any person can approach a lender and ask to borrow money. The person does this by sending in an application form. Since most payday loan lenders in the United States today operate online, an interested borrower merely has to access their web site, fill out the application form, and send it in.

This is where the no obligation part comes into the picture. So let us say that you found a best installment loan lender that you are interested in. What is the first thing that you should do? I suggest that you search the web site thoroughly so that you can determine whether or not the terms and conditions that they offer will suit your needs and preferences. You can do this for several payday loan lenders – in fact, as many as you want. Then when you have decided on which payday loan lender to borrow money from, you can fill out the application form and send it in. Just because you have filled and sent out an application form does not mean that you have to go through with your payday loan, however.

This is another aspect of flexibility that payday loans offer. At the point wherein you have submitted your application for a payday loan, you merely letting the payday loan lender that you are interested in getting a loan from them. You are merely asking them to let you know if you will be allowed (approved) to take out a payday loan. If, for any reason whatsoever, you decide not to take out a payday loan after all, you can still back out at this point. You are under no obligation to take out the loan.

I think that this is a very important aspect of long term loans. Sometimes, we have a very urgent need that we just cannot disregard and sometimes, this need requires a certain amount of money that we might not have on hand. That is why payday loans are very convenient – they can provide the answer to this kind of need. Then again, sometimes, help arrives when we least expect it. You might have already started the process of a payday loan and then suddenly you have something falling out of the sky and you don’t need to take out a payday loan anymore. This feature can come in very handy then, can’t it?

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Find a good payday lender and stick with them.

Where do you go shopping for your groceries? Do you hop from one store to another or have you found a good store and do you use them most of the time? Take a look around your house and do a quick survey of the products that you have. The chances are that you have many different items which are of the same brand. The situation I have at home is similar to this. Most of our electronic gadgets are of the same brand. Our food comes from two main stores that we patronise. Why am I bringing this up? To make a point. That is, many consumers like to find reliable producers and service providers and then they stick with them. It makes sense after all. If you find a product or a service that you particularly like and you find reliable, then why should you go anywhere else?

The same thing applies to payday loan lenders. As you may already know, there are countless payday loan providers in the market today. Most of them operate online, making it easier to get a glimpse of what they have to offer their clients. With so many choices in front of you, it might be hard to make your decision at times. That is why you have to go through a process of elimination till you find the payday loan lender that suits you best. And I suggest that once you do, stick with them.

There are additional advantages to sticking with one payday loan lender. Most payday loan lenders have the same – or at least similar – policy when it comes to the allowable amount they lend to their clients. If it is your first time to deal with a particular payday loan lender, the chances are that the allowable amount that you can borrow will be limited to a lower value. The specific value will, of course, depend on two main things – the particular payday loan lender that you are dealing with and your circumstances. You can expect amount caps of $300 to $500 for first time transactions. The thing is that when you “return” and borrow a second, third, or even a fourth time, the cap on the allowable amount goes higher. Again, the value will vary but you can expect to be able to borrow anywhere from $1000 to $1500.

Now, if you keep moving from one payday loan lender to the next, you will always be considered a first time borrower. This simply means that the lower cap on the allowable amount to be borrowed will always apply to you. This would not be very important if your need is limited to below $500 or $300. But what if you need more than that?

As such, it is very highly recommended that you take pains in finding the payday loan lender that will suit your needs and preferences in the best way possible. Try out their product and return to patronise their services. In that way, you can borrow what you need in the future.

Find a good payday lender and stick with them. Continue Reading