Shopping for Money

It's not as much fun as buying a new pair of slingbacks, but if you do it right, you might be able to go shopping for those shoes next payday.

For the last decade, the payday loan industry has been reviled by consumer groups, and sometimes with good reason. Most of the excesses are giving way to business models that incorporate a significant set of rules established by the jurisdiction(s) where each company is registered. However, loan companies still have a lot of freedom, and some of them use it to charge significant fees with no hope for the consumer to ever get reduced rates. At Best Cash Advance we have changed that model.

Best Cash Advance® has always been on the forefront of loans for customers at the least cost. We pioneered the use of a daily rate that allows loyal customers to receive the lowest possible cost for their loan. If your state allows us to charge $15.00 on a $100 loan for a 14 day period, but you only want the cash for 7 days then you pay $7.50 for that $100 not the full amount. You are in control of the cash.

What to Look For

Most people shopping for an emergency infusion of cash are in a hurry, and sign up online without reading the terms of the loan or even who is providing the loan.

We are your direct connection for cash. We are not a broker. We are a lender and we would like to include you in our Smart Money Connection loan program.

When shopping for loans online look for answers to the following questions with links from the home page of the company:

Is corporate information including: name, location and contact information including a phone number provided? Just because a number is there doesn't mean you will get a live person, or one that will be able to answer your questions. Try it and see.

Where is the company registered, and where do you send complaints?

Do they have a complete fee schedule online?

A favorite sentence many companies use is: The cost of the loan depends on the amount you borrow and the amount of time you have the loan outstanding. Well, duh! What does that tell you? Not much. You need to know if you borrow $100 for 7 days the amount you will be charged is XXX. You shouldn't have to guess. The Website should clearly state it.

What to Watch Out For

Early Payment Doesn't Reduce Your Fee

Most companies require that you keep the loan for a set period of time for a set fee. Even if you pay early there is no refund of monies charged. You need a company that allows you to use the money as you need it on your schedule — not the company's schedule. Find a company that allows early payment with reduced fees. Believe it or not, sometimes you will have excess cash, and can pay-in-full early. Or your loan begins in the middle of a bi-weekly pay period-don’t pay when you haven’t had use of the money.

Hidden Tricks

Membership fees to get a loan, or to join a payday loan club are just added fees. Avoid them.

No Full Disclosure

Some companies give you one price until your first pay date, and if you don't pay in full they triple the fee charged. Don’t get caught. Read the entire loan note.

Making it Impossible to Pay Off the Principal

Many companies and some states require only pay-in-full payments, and that's difficult for many borrowers. As a result they keep paying fees — forever!

Others insist that you fax a written request a week before payday to pay your loan in full or they will just continue to charge the fees only. Now which of us knows a week ahead of time what our bank balance is going to look like? Not me.

Solutions

Use an online service that gives you real time management of your account including payments.

If you forget to schedule a payment make sure the company allows you to call and have them make the change for you.

Pay it off as soon as you can.

Better yet, save yourself some time, and visit BESTCASHADVANCE.COM. We’ve got it all, and we disclose more than you’ve ever wanted to know about payday loans. Read on!