Easy access to payday loan facilities can be a great advantage. But this is only true if you carry out thorough research to ensure you are signing up with the best dealer in the market. Just because it is a short term loan and you are in an emergency situation, do not neglect giving thought to the entire process to ensure you come out ahead at the end of it all.
Emergency situations can be laden with panic resulting in bad decisions borne out of desperation. But since you are obliged to fulfill every contract you sign off on, it’s important to train yourself to take a step back and analyse your situation objectively.
There are a lot of loan packages, payable from one single installment to about three or four installments. In essence however, they are meant to be short term loans. If you need a repayment period stretching beyond a couple of months, you are better going for a personal loan, which is certainly more flexible and offers greater possibilities.
Where to get a payday loan
Most banks may not extend small loan facilities because of the amounts of work involved; they would not be considered profitable for the bank in the grand analysis. Therefore, you are only likely to get them from a licensed moneylender, which is a legal financing channel.
Ensure you are working with a licensed lender, whose background you have verified through the list of valid moneylenders registered under the Ministry of Law. You can always tell an unscrupulous dealer from a licensed loan provider – for instance if you receive text messages or flyers offering you loans without having asked for them. These are both illegal channels of advertising; hence genuine lenders would not use them.
Something for everyone
You can comfortably keep up with your repayment schedules because you were part of the process of drawing it up. You can even have variable installments if that’s what you need, as long as you discuss it with your loans provider prior to signing the final note of contract.