Scared of taking out a payday loan? You probably have your reasons. Such loans don't have the best reputation. But there are new ways to win with these short term loans. Companies are now offering some goodies that make them a better choice. Here's what some of those payday loan goodies are and how to use them.
Incentives.
Some loans offer customers incentives, or things that will encourage them to apply for a short term loan. Some of these incentives may be very attractive to the average customer. For instance, some companies offer no interest for the first payday loan. That means customers will be able to take out a loan, and not have to worry about paying back high interest.
Sometimes payday loan lenders offering this incentive will only let loan borrowers take out about four hundred dollars. But some may allow loan borrowers to take out up to 1,000. This advanta ge is different because these type loans are well known for offering high interest rates. But an incentive that waves the apr for the first loan might have a chance of drawing more people in to take out a payday loan.
You can find a short term loan lender that waves the APR for the first loan by doing a web search and sifting through what may be thousands of listed payday loan lenders. However, if you condense your search to contain some specific terms such as "incentives" or "waived APR." A condensed search should allow you to find payday loan lenders that offer incentives quicker.
Another new advantage of payday loans is an alternate payment plan. Now instead of having to pay a short term loan back in one lump sum on the due date, loan borrowers have options. Multiple payments mean that a borrower does not have to pay the loan back all at one time. Instead a person can make multiple payments. A payday loan lender might allow a borrower to have up to four payche cks to pay the loan back. And the lenders that allow multiple payments do not charge extra as the weeks go by. You can find a payday loan lender that allows multiple payments the same way you'd find one who will waive the interest for the first loan. A web search that includes the search terms "multiple payment" should show you what payday loan lenders are willing to offer multiple payments.
Once you find a few lenders that will allow you to make multiple payments, you should call a few of those payday loan lenders and find out what their rates and fees are. That way you won't be losing money by paying higher fees to get the multiple payment incentive.
And those are just some of the advantages of payday loans. There are probably others, but without knowing what the names of those advantages or incentives are, you'll have to just look through the websites of many payday loan lenders and read to find out what they offer. Because payday loans are becoming more and m ore popular as time goes on, payday loan lenders are coming up with more and more ways to make borrowing look more attractive.
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