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Short Term Lending

How To Select The Right Short Term Payday Lender

Payday loans are an ideal solution for those seeking a small amount of credit to cover unexpected bills, emergency repairs, or other important payments. Short term lending is an easy and convenient way to get the money you need fast. However, like any loan, fees may be incurred if repayments are late, so finding the correct payday service to suit your needs is crucial. When making your choice between the hundreds of payday lenders, the following are some important factors to consider:

Interest Rates and Additional charges
The interest rate of a loan dictates how much you will be charged on top of the amount of money you are lending. These rates vary dramatically between companies, so it is a good idea to compare a wide range of options.

It is also important to take into account any additional charges that may be included in the overall cost of the short term lending program. Some companies might require a service charge or transfer fee on top of interest rates, and occasionally these fees are not made clear. When smaller charges add up they can have a big impact on the overall price of your loan, so check terms, conditions, and bills carefully when calculating the total amount.

Payment Time
One of the main advantages of a short time lending program is that money is quickly available in an emergency. While all payday loans are much faster than standard bank loans, some make money more immediately available than others. Some lenders can transfer your money in just a few minutes, others will require several business days to complete the process. When checking payment times you may need to take the application process into account as well.

Lending Period
Some payday companies lend money for a maximum one month period before expecting repayment. However the exact time frame of this short term lending could extend for anything between 28 and 31 days for the average lender and up to 100 days for some 100 day loans lenders. To ensure that you are ready to pay back on the right day, make absolutely clear what the lender means when they describe the lending period for your short term lending.

Certain loan sites let you choose to reduce the short term lending period by a week or two weeks, some even let you specify the individual number of days you want to borrow the money for. The best sites also allow you to repay back the loan early and will reduce the fee if you are able to do so.

Flexibility And Late Fees
When the time comes to repay a payday loan online, unforeseen circumstances can arise that make delivering fees on time a difficult task. If for any reason you need to extend the length of your loan, it is important to find a lender that will allow an extension without charging extortionate late fees. Fortunately, many payday lenders have flexible repayment terms which enable you to extend or roll over the length of time you have left to repay.

Customer Service
If problems occur with your short term lending repayment for whatever reason it is reassuring to have a good customer service team on hand that you can talk to. Websites that only offer email contact or no contact at all may be difficult to work with if an issue arises. It is best to look for a lender that provides a wide range of contact methods, including a phone service with trained operators that understand the loan process well.

Additional Services
While the exact terms and conditions of short term lending are the main factors to consider when choosing a lender, the additional services that are provided along with it can also help you narrow down your options. Certain payday loan online direct lenders allow you to access your account at any time of day to check details about your remaining balance. Other sites offer a reminder email or text service which gives you extra peace of mind about keeping up with repayments.

Loan Comparison Site
For those wanting to avoid the time and hassle it takes to search for the best short term lending online, a loan comparison site could be the best option. After inputting key details about your requirements and preferences, comparison sites will be able to calculate the most suitable lender for your needs from their vast database. Results are given in seconds and exact details of what the company offers is given in a precise and easy to understand way. These services can save you time and effort, as well as guaranteeing you the best deal.

For more information about short term lending or to apply for short term lending click here