When you’re in need of a loan, it’s best to compare and contrast all your options in order to choose the right type of loan.
You’ll always have plenty of varied options available to you, but is a payday loan right for your current situation? MaxCash’s loan experts are about to help you find out.
Payday Loans in the World of Loans
In order to better understand whether a payday loan is the right answer for you, its important to know what makes a payday loan so unique. The traits that normally define other types of loans are all absent from a payday loan, making it an oddity. This is mostly due to the vast majority of loans all falling under one common category: installment loans.
Installment loans may not sound familiar, but they’re a category that contains most loan types—such as mortgages or college loans. The loans counted under the category may seemingly all have widely varying traits, but it’s one thing they all share that categorizes them under the same category: their repayment process.
The way the repayment process works for all these different kinds of loans is going to be the same every time.
- The lender makes a large payment to a borrower
- The borrower pays off their loan in small installments over time
As the loan features both of these traits, it’s considered an installment loan.
Unlike installment loans, the term of a payday loan isn’t going to be years and years. It’ll generally only be a handful of months at most, often being as short as just two weeks. No installment payments either – the full amount is due at the end of the loan period.
Defining the Payday Loan
So why are payday loans like this? With such a weird bundle of characteristics defining it, why would anyone ever choose a payday loan? The answer to that question lies in the way payday loans are used.
Most loans, namely the ones in the installment loan category, are used to make large purchases. Auto loans help you buy a car, home loans help you buy a house, college loans buy your entry into college, etc. But payday loans are different. Instead of viewing payday loans as a way to buy larger, unaffordable items, look at them as a way to push back currently unpayable bills.
This is where payday loans truly shine. Say there’s some sort of medical emergency you need to pay for, but don’t have the funds to cover at the time, and it’s too large an expense to use your credit card. What do you do? The answer is to get a payday loan to cover the bill, which will be repaid once your next paycheck comes in.
Inquiring for a Payday Loan
Now that we’ve gone over how a payday loan is defined, it’s time to go over how you could obtain one.
The first step in acquiring the quick funds you need is to contact MaxCash. You could call any day of the week at (833) 207-9052 or send an inquiry email to Info@MaxCash.com.
A MaxCash representative will ask you for some information, including the following:
- Your Address – When MaxCash is trying to find you a lender, they’ll need to know where to look. The search will be narrowed by your city, state, and zip code.
- Contact Method – Contact information will be important once a lender has been found because they will want to get in touch with you. Be sure to include your phone number and email address.
- Income Documents – A lender will need to know how much you could afford to pay back each month. They don’t want to give you an amount that will stretch your wallet too far.
Once you’ve provided all this information, MaxCash can put it to use helping you find the payday lender you need.
Tracking Down a Payday Lender
Using your information, MaxCash will begin by going to their country-spanning list of partnered lenders. From this list, they’ll strike out any and all lenders that don’t work in your area. Once that’s done, the remaining lenders will be contacted, informed of your situation, and provided with some of your financial information.
These lenders will consider, given your situation, whether or not they’re interested in working with you. If they are interested, they’ll send initial offers in to MaxCash, who will try and negotiate with them to obtain better terms.
MaxCash will finally compare all the loan offers against your information and determine which is the best one for your current situation. If agree to the terms of the loan, MaxCash will put you in contact with the lender.
Meeting Your Payday Lender
MaxCash will put you in contact with the lender in one of two ways: phone or email.
When you’re in touch with your lender, you will discuss any final details regarding the loan. Amongst these final details will be the all-important method of exchange, which includes the following methods:
- In-Person Exchange
- Online Transfer
- Mailed Check
Depending on your situation, one of these options may be the most appealing. Once you’ve set up repayment with your lender, you’ll be all set.
And that’s it! Interested in learning more about payday loans? Then check out MaxCash’s informational website about payday loans.