How to make the best out of payday loans

Payday cash advances are not cheap APR loans. However, they are available to customers who have been declined for credit elsewhere. You can use the money for any purpose, and you do not have to pass a credit check to get approval. You just have to meet a very basic list of eligibility criteria and you will receive payment under 24 hours.

How to qualify for a payday cash advance loans

Basic eligibility criteria
You will need to be a U.S. citizen, over 18 years old, in full-time work and have your own checking account. You cannot use an account which is in the name of a third party, even if he are a close friend or family member. Bad credit history
Your past credit problems are not an issue. However, you may find that lenders use teletracking to see if you have defaulted on an earlier paycheck advance. This is a non-traditional credit bureau used by payday and other bad credit lenders.

How to reduce the cost of payday cash loans

Trawl the market
Cheap loan rates are unlikely to be found at the first place you look. It is possible, but it is better to check the rate of interest and charges at several different payday lenders before you sign-up for a quick cash advance. Do not borrow too much
You may want to buy a few items in the end of season sale. However, this is not advisable. Discipline yourself to borrow enough money to pay for essential purchases only. The less you borrow, the less debt interest you will have to repay. Term of the loan
Although best rate loans from a payday lender tend to be for a month, you may be able to reduce the term to just 14 days. Duration is the main determinant of debt interest. So, find a lender who offers you the right term for your needs.

What to do if you fall behind with the repayments

Talk to the lender
Do not avoid the issue in the hope that it will go away on its own. Talk directly to the payday loan lender because they may be able to help you. For example, extending the term of a fast cash advance by a further month. Defaulting on a loan
Although payday loan deals are unsecured, this does not prevent interest and charges from accruing. Your account will be passed to the collections team, and they will pursue you for repayment of the outstanding balance.