Ideally, no one would ever need to seek out a payday loan to tide them over an immediate financial difficulty to the next pay check. But, when you do need the immediate access to cash that a payday loan can provide, you want to make sure you have the option of the best payday loans available as to terms and conditions.
It’s not easy to compare the plethora of payday loan offers out there on the Internet, in a reasonable amount of time. That’s where Bonsai Finance comes in: we make it fast and convenient to find your ideal payday lender, and we help you locate lower rates and fees and other features that you want in your loan.
What Makes for the Best Payday Loans?
The best lender for one borrower may not necessarily be the best one for a different borrower. Bonsai helps match you with your ideal lender and loan based on your stated search criteria.
But although there are differences in which loan different loan-seekers would prefer, here are 7 of the most important factors to generally look for in a payday loan offer:
- Lower interest rates. Payday loans have high APR but are very short-term. But you can save significant money by finding a lender who will give you a lower rate.
- Lower fees. Sometimes, there are multiple fees that apply in taking out a payday loan. Getting these as small as possible, plus having a smaller late fee, even if you hope to never pay one at all, is a major factor in selecting your loan.
- More time to pay. If you need 4 weeks instead of 2 weeks to repay, based on how often you get paid, that’s a key consideration.
- No collateral. Some payday lenders will require collateral, but not all. If you have a reliable enough income, you may find a no-collateral lender.
- A larger principal. You can’t settle for a lender who caps you at, say, $500 when you need to borrow $750. Not all lenders will approve the same applicants for the exact same loan principal.
- Accepts bad credit. Some lenders accept bad credit; others don’t. And the rates/fees charged based on credit scores can vary quite a bit too. Bonsai can help you find a good payday loan deal even if you have below average credit!
- Lender reputation. Finally, look at the lender’s credentials and reputation. Do they have a history of working with clients in a reasonable way or not? You may want to read some online reviews on prospective lenders before committing.
A Payday Loan Strategy to Follow
How do you find the best payday loan and decide on how much to take out? Bonsai Finance can offer you assistance in this area and make the process much faster, easier, and more successful.
First, use Bonsai’s high-powered search engine to rapidly locate the best handful or so of payday loan offers that fit your basic search criteria. Then, whittle down that list to the very best loan available to you by visiting lender websites or by asking for help from our experienced staff here at Bonsai Finance.
Once you have identified your preferred lender, carefully consider how big of a loan to apply for. Make it sufficient to meet you needs, and slightly more than the minimum needed (just in case), but never needlessly “over-sized.”
Set up auto-pay for repayment if possible to ensure you won’t get an accidental late fee, and be sure you fully understand the terms and conditions before you apply.
At Bonsai Finance, we have the tools and well seasoned expertise to help match you to the best payday loans and lenders. Our customers almost always get approved for the loans we find for them and are more satisfied with the results than if they had loan-searched on their own.