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Payday Loan Incentives & Options

Cash advance lenders, like every other industry, is interested in doing whatever it takes to earn your business (and still turn a profit). In keeping with this, there are often offers and incentives that are offered by lenders in order to help you power your payday. Not all incentives are available with every lender, and some may not be available depending on which state you live in, but a little comparison shopping - made easy by PowerPayday.net - should yield some interesting options for you to choose from when you are in need of cash in a hurry.

  • Reduced Lending Fees: Many lenders offer this tempting incentive to borrowers who return for their second or third loan after successfully paying off their first one. The reduced lending fees can save a borrower a lot of money over time as more and more loans are secured and repaid. This option may also be offered to first-time borrowers who would otherwise have difficulty between choosing between two comparable lenders. If it will seal the deal to lower the lending fee by a dollar or two or even five, you can often expect cooperation.
  • Increased Loan Limits: How much money you are allowed to borrow depends on several factors including your income level and various state or federal laws that regulate the lending institutions around the country. These laws are designed to protect consumers from predatory lending practices and ensure as much transparency and accuracy in the loan process as possible. Working carefully with the state and federal laws, lenders often still have a degree of freedom to increase the maximum amount available for you to borrow after your first successful payback of a loan. Quite a few lenders use this method, not only to protect themselves, but also to ensure repeat business. By limiting the amount you can borrow the first time, they mitigate their risk of default from an unscrupulous borrower. If that money is repaid well and timely, you will probably be offered more money for your next loan and possibly even subsequent ones.
  • Increased Loan Duration: Payday loans always have a duration of less than one year. Usually, the longer you request a loan for, the higher your fees will be for that loan. Repeat customers or customers actively looking for a bargain may be able to get their loan for a longer period of time without having to pay the increased fees. This means that rather than borrowing $300 for $45 in fees for two weeks until your next payday, you might be able to borrow that same $300 for a month and pay the same $45 in fees. This extra time will allow you to spread your repayment over two pay periods, making it much easier to budget for.