Here Is What You Should Know About Getting Cheap Loans
Loans (Photo credit: zingbot)
Even though they are one of the main subjects of criticism the low cost payday loans are there to fill in a consumer need. Normally, if you do not have a high credit score and an impeccable credit history, you will have a snowballs chance in hell of getting the money you need for emergency situations or some cash to help you pay off other loans and household bills. Besides the fact that your chances of getting a loan is low, you will also have to wait for days only to find out that your application has been declined.
This is where the cheap payday loans online come along to save the day. They are very easy and fast to get and you only need to meet some simple requirements, meaning that you need to have a bank account, be over eighteen and be employed. The problem with these cash loans is that they scare people that need fast cash away due to their high interest rates and fees, which sometimes can go over thirty percent. If this is your only reason for not applying for a payday loan when you are cashless or have a crisis situation on your hand, here are some tips about how to get them cheaper.
In case you are looking for cheap loans in your area, then one way you can reduce the costs on your loan is to look for coupons. Many new and old payday loans lenders will place advertisements in the local papers along with discount coupons that can help you obtain lower fees and interest rates. Therefore, keep an eye open for the cutout coupons and you will be able to get great discounts on your payday loan. In addition, if this is your first time working with that lender, you should also ask him whether he offers any discounts for first time borrowers.
If you are serious about getting low interest payday loans then you can try negotiating the loan with the lender. It is important to note that even though they do not say it, some lenders have customized interest rates for their customers. What this means is that they set your interest rate according to your current credit score. Therefore, if you have a high credit score and you are simply caught on the wrong foot this month, it does not hurt to negotiate a lower interest rate with the lender.
Considering the worldwide economic situation at the moment, it may happen that one of your friends or relatives needs some financial aid as well. By recommending the lender to your friend or family member, both of you can benefit from low fee payday loans. This is because many lenders offer discount to borrowers that bring in a new customer. All in all, this is a win-win situation for all the parties involved, as you can a discount, your friends or relative will benefit from the new customer discount and the lender gains another customer.
Lastly, if the lender you are doing business with provides other services that you need, then you should cut a deal with him so you can obtain important discounts on your payday loan for as long as you continue to use the other facility’s services. Since the online payday loans seem like a far simpler and attractive perspective for most consumers, the brick and walls lenders need to adapt and diversify their business. Therefore, you will notice that many such lenders offer accounting, faxing, check cashing or notary services along with the cheap payday loans online. If you or your business, for instance, needs any of these services, then you should discuss the possibility of a discount with your lender.
Author Bio
Russell Neil writes for http://www.nobleloans.com.au/ which provides unsecured loans for business. Russell Neil is a passionate full time finance blogger and loves writing on popular blogs and various other finance blogs.
Category: Short Term Loan
