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Hello, my name is Oscar. Welcome to my site about money services. When I first started my job in a new state, I had to lean on payday loans to establish residency and make it through the first pay period. I am thankful for the ability to secure these loans and pay them off in a reasonable time frame. I hope to use my experiences to help other people secure the financial help they need to make it through difficult times. I will explore all of the different money service options in each region. I hope you will visit again soon to learn more.

3 Reasons You Should Stick To One Lender When Using Payday Loans

Finance & Money Blog

If you need a payday loan, you should stick to one lender for all your payday loan needs. Here are a few reasons why it is smart to stick to one lender for all your payday loan needs. 

You Are Only Supposed To Take Out One Payday Loan At A Time

The first reason you should stick to one payday loan lender for all your payday loan needs is that you are only supposed to take out one payday loan at a time. When you take out a payday loan, you are basically handing over your next paycheck, up to the amount of your loan plus interest, to the payday loan provider. Your next paycheck is how you are guaranteeing the loan provider that you will pay your bills. 

In many states, it is against the law to take out more than one payday loan at a time. In part, this law protects you from over promising and taking out more loans than you can afford to pay back at one time. This loan also protects the payday loan companies from losing out on money from clients who cannot pay back their loan on time. 

If you take out more than one payday loan at a time from different lenders, you could very easily be breaking the law.

You Will Only Have To Fill Out The Loan Application Once

If you need a payday loan this month, and you need another payday loan in a couple of months, it is helpful to go through the same lender. When you go through the same lender, you do not have to go through the application process again. Most payday lenders will keep your last application on file, so all you have to do is update any information that may have changed between your last payday loan and your current application for a new payday loan. 

This also means that they will not have to spend as much time vetting your application, and your application will most likely be processed quicker the second time around since they have already checked out your employment history and credit score, and know that you paid your previous loan back on time.

You May Be Rewarded For Your Loyalty

If you go back to the same payday loan lender every time you need a payday loan, you may be rewarded for your loyalty. Many payday loan companies want to keep you coming back so they can continue to make money off of you. In exchange for your loyalty to their company, many payday loan lenders will give repeat customers perks.

For example, you may be able to qualify for 5% off your loan fees when you go to the same payday loan lender for your second payday loan. Some payday loan lenders may even increase the discount you get as you build up more of a history with their business. Additionally, you will get on their mailing list and will be informed of any special promotions that they run.

If you need an additional payday loan in the future, it can pay to stick with the same lender who issued you your first payday loan. Your application may go through quicker, and you may be rewarded for your loyalty. Contact a business, such as Las Vegas Finance, for more information.   


3 March 2016