How to get Low Cost Payday Advance Loans

Cash advance payday loans proliferate on the internet. Even if you haven’t called into one of the stores you will have seen them as you drive around. They offer quick loans to those unable to obtain credit, or quick cash for emergencies. Due to controversy surrounding the high interest rates usually associated with payday loans they are legally obliged to present their full costs upfront, so the borrower knows exactly how much a non defaulted loan will cost. It is now possible for the astute borrower to obtain low cost or even free payday advance loans.

When these loans first became popular it was due to the ease of obtaining them when other lending sources were unwilling to oblige. They generally operated by depositing a post dated cheque in store which was retrieved when the loan was paid in cash on the next pay day. The requirements to qualify for a loan were minimal; borrowers needed to be over eighteen, have a current checking account and proof of a steady income through either a job or social security payments. The fees charged were hefty at rates of around $30 for each $100 loaned.

The internet has led to increased popularity of these loans as now they can be obtained without the necessity of calling in a store. Direct automated payment of next day cash is the order of the day, and most no longer need any paperwork faxing. A loan can be approved in minutes with a direct online application.

The popularity of these loans has soared to such an extent that the lenders are now promoting their services heavily with special free offers, discounts and referral bonuses. The aim of such promotions is to welcome new customers and then retain their business. Returning customers will then pay the usual or slightly discounted fees approximating $25 for each $100 borrowed.

The savvy online customer could well play this system to their own advantage and actually obtain free cash advance pay day loans or ones with low rates. A simple online search under ‘free payday loans’ will bring up the latest offers and promotions available. Some companies are offering the first loan free and the only charges which could apply are if the customer defaults on the loan. If the loan is paid on time then it costs nothing. You are not obligated to use the company again.

If in the future another loan is needed then find another company offering a free advance loan. If you know someone who is in need of quick cash you can refer them to certain companies and receive a referral bonus, thus giving you totally free cash which does not need to be repaid. There are also companies which offer special low price payday loans where the rates can be as low as $10 or $12 per $100 borrowed.

As payday loans are not the ideal way to handle your finances never be attracted by loans which offer special roll over fees. If you do use such loans make sure you are able to pay them off in time, otherwise you will likely fall into a debt trap of your own making.

If you really do need a quick cash advance loan then take the time to shop wisely online.  Take advantage of these offers which effectively mean you are borrowing for free. Remember though, only do it when the funds are absolutely necessary, and not to make it a way of getting through from pay day to pay day. Instead get wise and start to save whenever you can. That way your funds will grow and using loans to get by could become a thing of the past.