If you are running low of funds and payday is right around the corner, you may be considering a payday loan. Finding the right payday loan can mean the difference between a little financial breathing room and a costly financial disaster. Before you apply for your next payday loan, make sure you take these three crucial steps.
Compare Interest Rate and Fees
If you are in need of a payday loan, you need to check the and you probably do not have hundreds of dollars sitting around that you can afford to waste on interest and fees. Take a few minutes to research the rates and fees of a few different lenders and see which one will be the least costly. Rates can vary dramatically between lenders.
Read the Terms and Conditions
Know what you are signing up for before you sign by reading every single word of the fine print. Furthermore, make sure you keep your copy of the signed terms and conditions in case you have an unscrupulous lender who is really a scam artist in disguise.
Check with the Better Business Bureau
The lender will always say good things about their business; see what others have to say. The Better Business Bureau is the first place you should check when contemplating doing business with a company. A simple Google search can also give you reviews on the company as well. Check to see if the company has any complaints, how long they have been in business and what country their business is actually centered in.
Choose the right payday loan the first time and you will save yourself a ton of financial grief.