Accel Loans Review

Accel Loans ReviewAccel Loans says that they’re better than a payday loan. It wouldn’t take much to outdo a payday loan, but let’s see what the specific reasons are for why they say this.

The first thing we noticed was that the qualifications are similar, because our first suspicion was that sure maybe their loan is better than a payday loan but it’s harder to qualify for so you’re back at square one. The next thing that stands out is that they don’t do a credit check, and they have the ability for you to become a VIP member and save on interest fees.

And last, we noticed that they are a direct lender, so this isn’t like a matching service where they’re going to try to find you a lender, they’ll be depositing the money directly into your bank account, and they’re the ones that you’ll be paying your loan payments to. They also have a members area so that you can log in and make your payment, as well as take out another loan in the future without having to re-apply every time.

Our Accel Loans Review

We’re always on the lookout for a loan that beats getting a payday loan. Since the fees are so high, and the time to repay so short, there is a lot of room for improvement. Accel Loans seems to recognize that and they try to fix both problems by offering better rates, and longer repayment periods. Those are two really big problems, and the main reason why payday loans are regarded so negatively. By allowing you time to get back on your feet and not making the loan due on in full on your next payday, you’re already coming out ahead.

They say this is more convenient because you won’t have to visit the payday loan store every few weeks on your paydays. That alone is reason enough to make it better than a payday loan. If you have all of that time savings of not having to wait in line, and not having to spend the gas to go to the payday loan center. Time is money as they say, and this is one way to save your precious time and put it to better use, especially if that means more time spent with the family.

The flexibility that this loan offers is much greater than a payday loan. They say they won’t charge you for prepaying your loan, so you don’t have to worry if you want to pay it off sooner than it’s due. This is a big feature that can’t be overlooked. Many installment loans want you to pay them off over time so they can collect all of the interest due. By allowing you to pay off whenever you want, they allow you to save money. Let’s say you get your income tax refund and want to apply it to the loan. You can, and you won’t be penalized.

Different Options
They say that this is set up so that you can choose the payment plan that best suits your situation. Rather than a one-size-fits all type of payday loan where you’re only able to choose how much you take out, not when you pay it back. With this you can select not only how much money you are lent, but when you pay it back, and over how long of a time span.

Our Recommendation
Overall, Accel Loans seems like they’re doing a good job of offering a product that is unlike the typical payday loans you might be used to. By breaking up the loan amount into installments and letting you pay it off over time, and giving you lower rates than you’d get with a payday loan, they are taking a big step toward making changes to the way payday loans are typically done.

You’ll want to make sure to do your own research and due diligence to find out whether their rates are something you’d want to pay, and whether their repayment periods are something that will work out for you. But when compared to a payday loan they really do seem to be the better choice.

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