Most of us only use interest charges as a criterion when we select a lender to apply for payday loans
. Although interest is an important basis to choose the best lender, it should not be the only criterion used by the borrower. This article highlights certain other points that need consideration before taking payday loans.
Payday loans review
When it is about comparing various payday loan lenders, payday loans reviews are something you can not afford to miss upon. There are a lot of websites and online news forums that publish reports about the worthiness of various lenders in the market. You should go through the latest news in order to check whether your short listed lenders have been involved in any scam or are there any negative remarks about them. All this is necessary to be sure that you are borrowing from a genuine lender.
Credit and other qualification checks
Whenever you apply for payday loans, make sure that you carefully go through the qualification requirements of the lender. Some lenders follow comparatively stringent criterions to test you for your loan repaying capacity. For instance, they go in for extensive credit checks in order to be sure about your credit worthiness. Other lenders may only ask for employment details to grant you the loan. Depending upon the urgency of loan and some other factors, you can select the best payday loan lender for your needs.
Age limit and maximum loan amount
Only those who were above 22 years of age could apply for payday loans Today, the things are a little different. Some lenders also accept the loan applications of borrowers who are between 18-22 years of age. So, if you are between 18-22 years, you can only go in for lenders who have the minimum eligibility age between 18 and22 years. The maximum amount of loan provided by various lenders also varies. So, you can shortlist lenders on the basis of loan amount you require.