The purpose of our payday loan
January 16, 2020
The first thing we have to decide is the purpose of our payday loan. It is important to determine it because some entities contain specific products for each type of financing.
By this we mean that it is not the same to ask for a loan to buy a car or to pay for your studies. Loans aimed at a specific purpose tend to have better conditions for the client. Then define the money you need and in what terms you want to return it.
Attention to commissions
It is time to compare. Do not stay with the first entity, perform pre-studies of financing in several, so that you can compare different interest rates. In Lite Lender we offer this service for free and without obligation following the steps:
- Make a payday loan application
- We analyze your profile in a personalized way
- We show you the entities that can accept your request
- Choose the entity that offers you the best conditions
Link with the entity
In this section 2 scenarios can happen.
In the first, hiring extra products generates a greater link between the client and the entity. This can lead to a reduction in the interest rate when we apply for a payday loan. That is, we will pay a lower amount of interest to the entity for lending us credit.
However, the other scenario happens when the hiring of extra products (insurance, credit cards, pension plan, etc.) reduces the interest rate but when arranging those extra products we can pay the same amount or even a higher one.
Consider periods of lack
First, to say that the period of lack is reflected in the contract with the entity, it is a certain time in which either party may breach the contract in whole or in part. For example: arrears in payment of fees, deferral of fees, etc.
This clause is important to appear in your contract, since, at some point you may have difficulties to face the monthly payments of your payday loan.
Do not take surprises. Choose that bank that from the first moment is clear with the interest rates and commissions that support the request for a payday loan. At Lite Lender we work with trusted entities to offer competitive products to our users.
Good accessibility to banking
On the other hand, look at the accessibility of the entity. We mean that if you provide an online user where we can see, at all times, the movements of our loan. In addition, with accessibility we also mean that the payment method is simple.
Following these steps, with certainty, you can apply for the most appropriate payday loan for your situation. Having several options will always help us choose the option that presents us with the greatest advantages.