Additional Fees Charged By Payday Lenders
When it comes to payday loans its not in the interest of payday lenders to lend money
to unqualified or unviable borrowers payday loan companies only want to lend money to people who give them a strong indication that they will be able to repay the money on time and in full. This means that payday loan companies set specific criteria for applying for a payday loan and while there criterion may be less stringent than that of other lenders, the general assumption from most people is that due to the shorter nature of the typical payday loan, payday lenders typically charge more than other lenders for access to consumer credit.Some of these charges manifest in same day transfer charges, registration charges or other additional fees. Some payday lenders will charge a registration fee to new borrowers with no guarantees that they will be accepted for a payday loan. The important thing to keep in mind when applying for a payday loan is that no lender can guarantee your application will be accepted whether or not they can process your application will depend on any number of variables including your viability as a borrower, your previous credit history and also the information you provide. A registration fee can be as low as 1 however this is non-refundable regardless of the outcome of the application.
A same day transfer charge is one that is applied should the borrower wish to receive his or her funds more readily than is usually considered practical. The fee for a same day transfer varies greatly between payday lenders and works on a scale of between 4.95 and 25 however, some lenders will include the fee within the initial cost of the loan and offer full transparency on all charges. Prior to applying for a payday loan its important to check the terms and condition on the website to identify how quickly you will receive your cash without a same day transfer this can take as long as three working days.
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