How to Get the Best Payday Loan and Online Cash Advance Lender?

If you want an online cash advance, there are a number of things you will want to find out about each company so that you can make the best choice for your particular circumstances. Let's take a look at the most important factors and where you can find that information.

The most important things to consider are: how much can you borrow, what is the interest rate, are there any additional fees, will you need to fax over any information, what is their minimum income requirement, and how long will it take go get your money?

How Much Can You Borrow?

Although many payday loan companies will lend you up to $1,000 and some will max out at $1,500, others have a $200 to $300 limit. You'll probably feel pretty frustrated if you go through the loan and verification process and then find out that you cannot borrow as much as you want.

What Interest Rate Do They Charge?

Interest rates vary a lot from one cash advance company to the next. Although a few charge less than 10% for a first time borrower, most will charge you between ten and thirty percent.

In other words, if you want to borrow $500, you will have to pay back the five hundred dollars plus an additional fifty to one hundred and fifty dollars in interest, depending on the company.

Are There Any Hidden Fees?

Although it's rare, some financial institutions charge an application fee. If one company's interest rate is low but their application fee is high it could end up costing you more than if you borrowed from a company with a higher interest rate that doesn't charge an application fee.

Do You Need to Fax Over Information?

If you have to fax over information, such as a copy of your driver's license and pay stubs, you will have to first find a fax machine, probably wait in line to use it, and then pay for its use. On the other hand, many payday loan companies will not require you to fax over anything because they will verify your information over the phone.

What Is Their Income Requirement?

Most cash advance companies require that you earn a minimum of $1,000 per month beyond your expenses. However there are some that have lower income requirements.

How Long Does It Take to Get Your Money?

The vast majority of payday loan companies will electronically wire the money you borrow into your bank account within one business day. If you need the money quicker there are some that can wire you the funds within an hour.

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