Online payday loan may be the best way out for many problems. However, before you place your order, you need to understand everything about this financial product to ensure that you do not fall into any trap.
There is much more to looking at on a loan than just the interest rate. Thinking of helping you with this task, below we tell those details that pass beat (and no one tells you) when applying for your payday loan online. Follow us!
Not always lower interest rates mean the best option
It is common that when applying for a payday loan online, people stick to the interest rate charged. Although very important, it is not only her that will influence how much you pay after all. Some institutions may charge a number of other built-in fees, so you need to compare the CET, Total Cost Effective.
The CET is a tool that considers all the costs of a loan. At this Central Bank link you can find everything about it. Institutions are required to inform the CET of their loans on their website, since calculating it alone can be a bit tricky.
Payday Online Loan is Safe and Reliable
The internet is good and bad, as we well know. However, many are still scared when it comes to tinkering with money over the big network. Although there are still people scamming around, online financial services are becoming safer, including online payday loans.
Just take some care, as we explained in this post. The main one is to make no advance deposit to get the loan. No serious institution will ask you to pay a fee to release the money – after all, the goal is to help you, not tighten you even more.
You can anticipate installments and earn discount
If you receive extra money and want to anticipate some or all of the loan installments, you can do so. Just get in touch with the institution you hired and ask for the anticipation. Some even offer per-application mobile services to make life easier.
But remember to negotiate a discount! Interest is calculated according to the term you set for payment in the beginning. If you anticipate the discharge of the loan, therefore, you are entitled to a reduction in the total amount paid.
Overdraft is also a payday loan
Many do not think about it, but overdraft is also a type of payday loan. In this case, you have a pre-approved credit in your account, ie if you get zeroed, the overdraft cash will be available automatically.
However, this is not a very smart way to use a payday loan. The overdraft interest rates can be very high, and since there is no control whatsoever, you can end up piling up even more.
You may regret and cancel the loan.
When you apply for the payday loan online, the institution does an analysis of your profile. After that, you will have to confirm and validate the information you have passed if your request is for data verification. If before this process you think better and regret, you can cancel the order with the chosen company.
But remember! This must be done before the finalization of the loan agreement. After that, it is important that you read all the details of it (or ask a friend with more experience to read, if you feel better). The agreement will specify all conditions that you must meet during the loan period.
Now that you already know everything that does not tell you about payday loan online, are you ready to ask for yours? Do your simulation right now!