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Published 2018-07-02 09:00:00

Do not Compare Unalike Payday Loans

One of the reasons why people use Cash Carrot to apply for payday loans is the luxury of receiving multiple quotes by submitting just one application. Having more options is one of the prerequisites to finding the best payday loans. However, as is the case with all kinds of unsecured short term loans, too many quotes can lead to confusing comparisons. You should consider all the quotes and reject the ones that are unacceptable. The ones you find worthwhile should not be compared in a generic manner. You should not compare unalike payday loans.

Payday loans would always have varying rates of interest. This often propels applicants to use the rate as the only decisive factor. Such a practice is flawed for payday loans will have other differences. You will receive quotes for the exact loan amount you have applied for. You may also receive quotes for slightly less. This is primarily because some lenders will find your applied loan amount to be more than what they usually offer. It could also be due to your eligibility. Some lenders may find you ineligible for the chosen loan amount. You cannot compare the rates of interest of two payday loans when the amounts they offer are different.

Likewise, you cannot compare the rates or the loan amounts when the repayment terms of two or more payday loans are different. You would have to compare similar payday loans, where the loan amounts and the repayment terms are the same. Considering the rate of interest a decisive factor will only work when other variables are identical. You should study the terms of the agreement in the same spirit. You cannot compare payday loans and expect to choose the best proposition if you exclude the fine print. There may be nothing explosive or there might be some rather shocking revelations in the agreement.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk