For the most part, you know what you’re going to get when you take out a payday loan. However, some lenders offering these products like to take a different approach that emphasizes the establishment of trust between lender and borrower; when that bond is strong, both parties can see many benefits. Payday King operates according to that principle, and to that end, they do their best to reward you for ongoing loyalty to them over time. Every time you borrow through them, you’ll usually get a slightly better deal, making them a great choice for borrowers who intend to make frequent use of payday loan services.
How Payday King Loans Work
Payday King is obviously a payday lender, but they’re structured a little differently from how many similar establishments operate. The loans they provide can range in size from $100 to $1,000, but not everyone will have access to the entirety of that range. If you’re borrowing with this lender for the very first time, you will almost certainly be approved for just $150 or less regardless of how good your credit is or how high your income is. This is because they use a special system that adds weight to your application the more times you borrow from them over time. If you have the income to support it, you’ll probably be approved for much more on subsequent applications, but you’ll be forced to start off small regardless. This isn’t a bad thing if you look at it as a way of protecting yourself from some of the dangers of payday loans while you’re still getting used to them, though, so try to see things in that light so you understand why they are limiting you.
The costs on these loans are transparent, but they are also extremely high; you’ll be paying 546% APR on all money you borrow, the maximum legal amount for small loans like this. You’ll be expected to pay everything back in just 2 weeks, though, so there will be very little time for this high rate to have an impact on you. Be sure to calculate the true cost of the loan before you accept any offer you get, just so there won’t be any nasty surprises later on. As long as you pay back your loan on time, you won’t pay a dime more than that initial projected amount.
Enjoy Incentives To Come Back Again and Again
While you always hope each time you borrow that that will be the last time, most people end up needing another loan at some point in their lives. This is especially true when you’re talking about payday loans since those are so small and so easily wrapped up. The events that cause you to look into borrowing in the first place are not always so easily resolved, though. Many people actually return to these loans regularly over their course of their normal daily lives, sometimes for years at a time.
For most, that just means that they’ll be repeating the same process over and over again, pretty much exactly as it was the last time they did it. When you borrow from Payday King, however, you’ll actually be building a reputation with that lender that will pay off for you as you go. Not only will you be able to qualify for larger amounts of money as we mentioned above, but you’ll also be able to apply in mere seconds as opposed to minutes through the streamlined return application process. You may even see a dip in the interest rates you’re offered. All of these perks add up to a borrowing experience that just gets better as time goes on, so if you know you’ll be borrowing again, that consideration alone should move this lender up a little higher on your priority list.
Falling Behind Has Consequences
Most payday lenders have extra charges that they will apply to your account in cases where you do not repay your total amount in the expected time frame. Payday King is a bit more up-front about that than many others like them are, though. This lender openly states that they any account with a balance that is not paid in full at the end of the 14-day loan period will be charged a non-sufficient funds fee of $49.50 and converted into an ongoing account that will be charged 59% interest per year. If the owner of that account continues to not pay their bills, the account will be turned over to a collections agency to be pursued through more aggressive means. The thing you should take away from all of this is that Payday King is an experienced lender that knows how to deal with customers who do not pay them, so it isn’t in your best interest to not take them seriously or let your loan obligations slide. One way or another, you will be made to pay up, so it might as well be under the terms you initially agreed to rather than the far harsher ones that will be imposed on you if you don’t hold up your end of the bargain.
Is Payday King Worth Your Time?
If you’re looking for a large amount of money in a hurry, Payday King obviously won’t be able to get the job done. That said, if that’s what you’re looking for, payday loans as a whole are probably not the right product category for you. As long as your needs are modest, this lender will serve you well, and you’re particularly likely to be satisfied if you plan on coming back multiple more times in the future. This isn’t a lender to look into without knowing exactly what you’re looking for, but if you do know and they meet that criteria, they’re as good as any other lender in the small loan space.