Tips to help you find better payday loans

Follow these steps to help you find better payday loan offers.

11:16 21 May 2013

There are increasing numbers of measles outbreaks occurring in Wales, which could have people trying to get payday loans or short term loans to deal with medical bills for treatment, if applicable.

 

A vaccine is being offered, however many people are still not receiving it and it means there are many people who could be stuck with medical bills they may not have anticipated.

 

If you’re looking for payday loans to try and cover the cost of your medical bills, here are few things to keep in mind:

 

• Interest rates—interest rates for payday loans are notoriously high. Sometimes there is no other option, so if that is the case shop around to make sure you get the lowest interest rates available.

 

• Payment terms—make sure the repayment terms of the payday loans are clearly explained, and that you feel confident there will be no unpleasant surprises at a future date.

 

• Penalties—find out if you will be penalized for including extra on your payments or if you will be penalized for paying it off early.

 

• Fees—some payday loans may assess fees in certain situations, so be sure to get a full list of any and all applicable fees.

 

• Alternatives—you might qualify for short-term loans from certain financial institutions, even if your credit rating isn’t the greatest. There is also the Social Fund or loans from family and friends. You might save a lot on interest by pursuing one of those alternative methods to obtain the money you need.

 

If you do need payday loans, be sure to check around and compare rates.

 

That is one of the most important factors. You may even be able to find loans which are available online for lower rates because there is no shop front to worry about when it comes to maintenance.

 

Pursuing unlikely avenues, as long as they are legal, may result in better terms than you expected.