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.