Monday, August 21, 2006

4 Tips to Free or Low Payday Loan Interest

You may already know that a payday loan could save your emergency needs of money. It could be a big help for you. However, payday loan has one biggest drawback, the payday loan fee. As you may already know, the payday loan fee is counted weekly and it could go as high as 400% in APR.

Luckily, there are some solutions to this problem. You can get a payday loan with free or low interest. Below are some of the tricks for you to get this kind of payday loan.

1. Search a free for first time loan
You may not believe this, but there are some lenders who offer free interest for first time loan. It may seem strange. Perhaps this is mainly because of the competition between payday loan lenders. There are so many payday loan lenders out there that they may need to offer something that attracts you. Lucky for you, it´s the free interest for your first payday loan with that lender.

2. Borrow the payday loan late
Payday loan interest is charged weekly. The longer you have the money and do not repay it, the higher the interest you have to pay. With this in mind, you should take a payday loan only when you really need the money. Directly after you get the loan, you should use it. Don´t let the money sit around for days or even weeks. You have to pay the interest while the money from the payday loan does you nothing good.

3. Borrow the payday loan less
This is mainly because the interest of payday loan is high. You should always try to borrow as small as possible. Take the payday loan only for your dire needs. By doing this, you could save hundreds of dollars by borrowing $300 - $400 less.

4. Shop around
This is of course the thing that you should do when you want to take a payday loan. Shop around for lenders who have the smallest interest. Don´t forget to ask them what the hidden fees are. You don´t want to be surprised later on, do you?

The general information provided by is intended as an educational purpose only, and should not be interpreted as legal advice. The law varies drastically by location and legal specialty, and makes no promises about the accuracy or completeness of the information provided. You should not rely on our information when making legal decisions. We recommend that you consult with a lawyer to get professional legal advice on how best to deal with your situation.
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