In banking and non-banking institutions, we currently find a very wide range of payday loans to choose from. These are both short and long-term payday loans that we can use for any purpose. However, before you apply for a payday loan, check how to choose the best offer for yourself!
Naturally, it’s best if we have our own savings. Then we do not have to apply for a payday loan and pay for such a possibility. Interest rates, margins, preparation fees are not cheap. However, sometimes there are situations in which an installment payday loan is the best solution. Then the question will arise: which payday loan, which bank? It takes time to find the answer, and the worst thing that we can do when we want conditions and low costs is to take advantage of the first-ever offer.
For a payday loan to your bank or another?
When we need a payday loan, we usually check the offer at our bank at the beginning. Many people think that due to the fact that they are its clients, they can count on better conditions. Unfortunately, this is not always true. Today banks are competing with each other, which is why they tempt attractive offers of accounts, deposits or payday loans for their new clients.
Therefore, it is worth checking what our bank offers, but if we intend to take out a payday loan for a higher sum and longer time, which translates into higher costs, we should also see what the competition offers. Basically, the only case when it is worth skipping costs is when we need instant cash, and our bank offers the option of taking an on-line payday loan. We can have it in a few minutes on the account. Then, when we would like to take out a payday loan from another bank, the formalities usually last 1-2 days.
How to compare payday loans?
Currently, on the Internet we can find many special rankings, calculators and payday loan comparison websites whose main purpose is to help users select the most advantageous offer. These websites provide information about interest and additional costs, the range of amounts and the maximum payday loan period, requirements. We also read reviews about banks.
When we want to compare the costs of payday loans and their other parameters, these websites are very helpful, but we should remember that the information on them is not always up-to-date. So let’s also look directly at the bank’s website before submitting the application, because it may turn out that higher fees will be waiting for us.
Or maybe a non-bank payday loan?
It is also worth mentioning non-bank payday loans. They are offered by payday loan companies that are not banks, but this does not mean that their offers are not very safe or very expensive. Currently, it happens that an on-line payday is more attractive than a bank payday loan.
Non -bank payday loans can be taken as payday payday loans – payday loans for smaller amounts to be repaid usually within 15-30 days, sometimes 60 days, but we can also choose installment payday loans. These payday loans are granted for higher sums and longer periods of several years, so they can also reach convenient amounts of installments, which will not be too much a burden for the household budget.