Fort Mill SC Cash Loans

Cash loans are very short term cash loans usually based on the borrowers’ postdated check held until the next payday. Borrowers write a post-dated check for the exact amount borrowed plus finance charge and get cash from their local cash advance service. It is a quick and easy way to get quick cash, but there are many questions borrowers should ask when choosing a lender. Here are some tips from the National Foundation for Credit Counseling on choosing the right payday loan lender.

Borrowing Money

One of the first questions borrowers should consider is whether they will need a cosigner. Banks and other lending institutions do not normally require a cosigner, so if there is no need for one, these lenders, such as car title loans Fort Mill, may not require one. Some payday loans companies, however, do require a cosigner. The lender’s policies may vary, so it is best to ask about these before signing the check. Some lenders will only grant loans to people who have at least one year of on-time payments on mortgage, car loans or other revolving debt; borrowers who do not meet this criterion will have their applications turned down.

Lending Service

The next question to ask is what type of penalties may be assessed against a borrower. Payday lenders do not offer interest rate discounts to borrowers who pay off their balances in full each and every month; if a customer does not meet this criterion, the payday loans lender may apply high-interest fees and late penalties to ensure that the customer does pay off his debt, thus satisfying its interest obligations. Learning about the interest rates and fees charged by different lenders can help someone plan an effective annual interest rate for his or her budget.