As inflation
rate continues to soar, workers' purchasing powers continues to fall. This
compels workers to look for a way to complement their incomes. Most of
them tend to run to a payday loan companies. There are so many payday loan
companies in America, as there are many loan seekers. But, getting a
reliable one seems rather difficult. Payday loans are meant to help one
ameliorate one's financial condition, but not to worsen it. Some people
take up payday
loans and fell into its trap for the rest of their lives. Some of these
lending companies are in existence to maximize profits at the expense of
borrowers. The borrowers thereby, having to pay through their noses to
redeem their debts. Some of these loans come with cut-throat interest
rates.
According to a payday loan research i carried out earlier this year,
i discovered the following characteristics of a reliable
payday loan company in America:
1. Lower
Annual Percentage Rate( APR).
An APR is the total rate of interest payable on a loan in a year if there
is a default in its repayment . It is an accrued rate of interest rolled
over in a particular period. A reliable payday loan company in America
ought to have an APR lower than charged by other lending companies. Lower
APR means that you are going to pay a lower interest charge. Payday loan
interest charge may be as high as 35%, or as low as 25%. This interest
rate is fixed at will, and it's not dependent on government's monetary policy.
2. Longer
Period of Repayment.
This is to enable the borrower meet the terms of the loan, as
regards repayment. A payday loan of 15 days is better than that of 9 days,
at the same rate of interest. If the borrower fails to meet the
payment terms at the said-period, the debt will roll over to another
period. I must bring to your notice that the UK government has banned
the roll-over of payday loans for more than 2 times in a year. If you
follow the above-mentioned criteria in searching for a reliable payday
loan company in America, you will surely find one that suits your taste.
Please, share this with your friends.
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