There is nothing that you can get for free today – or is there? Believe it or not, there is actually a possibility that you can get a free (or at least very cheap) payday loan. Honestly, I find it very hard to believe, myself. My way of thinking is this – payday loan providers are operating because they want to make a living. They are running a business venture and not a charitable organisation after all. So why would they even think about giving their product or service away for free? Who would do that?
According to some articles I have read on the Web, there is a possibility for this happening. How so? Apparently, there are some payday loan providers who are always on the lookout for new customers. They are always finding new ways to attract new borrowers to avail of their service. As such, they come out with promotions from time to time in order to entice these potential borrowers to deal with them.
It makes sense so far – with all the payday loan providers operating online today, each one of them has to be very competitive in order to stay afloat, much more, earn a profit. So, what kinds of promos do they offer new customers?
One such promo is to offer free payday loans for first time borrowers. What happens is that they do not charge the regular fees for those individuals who borrow money from them for the first. Hard to believe, no? I honestly have not come across such a payday loan provider as of yet but as they say, these promos do not run all the time. Maybe it has been a matter of timing for me. In any case, if you look hard enough, you just might find a payday loan provider that is running some sort of promo like this one. Just make sure that you read the fine print over and over again to make sure that you are not missing out on any stipulation that may be detrimental to you in the end.
A more common promo that I have seen is reduced fees. Many payday loan providers do this in order to entice customers – both first time and returning. Different strokes for different folks, as the saying goes. Some payday loan lenders offer reduced fees to first time borrowers while other payday loan lenders do the opposite and offer reduced fees to returning customers. The logic for the first tactic is to attract new clients who will hopefully like their service and stay with them. The logic for the second tactic is to keep current customers happy and retain them as returning borrowers.
Personally, I don’t care what their logic is behind the reduced fees. As long as I can get the promo and I do not get caught in whatever catch that might exist, then I am happy. The trick is in looking around for such promos first before committing to a payday loan lender.