Digital News Report – Americans are suffering in this down economy prompting many people to consider quick payday loans. These loans, sometimes referred to as “cash advance loans”, are short time loans of a small amount, usually under $1,000. They typically don’t require a credit check but usually require an income.
A recent report in “This is Money” indicated that the term “payday loan” is among the top ranking search terms today. Alan O’Sullivan contributes this to the recession.
One company says they can get quick payday loans for up to $1,500. This is unusual because most of lenders will not exceed $1,000. Best Payday Loans Company says you can get these loans within one business day.
O’Sullivan says check the interest rates. He calls these rates “eye watering”, but it may be better than paying a late fee or missing a payment.
eHow recommends contacting several lenders for “interest rate quotes”. They say the interest rate may vary considerably. Besides the interest there may be fees.
Check the repayment terms. There should not be a penalty fee for paying the loan off in advance.
Check their customer service ratings. The Better Business Bureau (BBB) could be a good place to start.
By: Tina Brown