Low Cost Payday Loans

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Author:
Carrie Reeder

Comparing payday loan lenders, also called cash advance lenders, online guarantees that you will find the lowest rates and best terms. Payday lenders are required by law to post their rates and terms, so making comparisons is just a matter of a few clicks of the mouse.

Look At Rates

The first point to compare amongst payday loan lenders is interest rates. While payday loans are short-term loans, usually only lasting two weeks, the Truth In Lending laws require payday loans and cash advance loans to be posted by APR. You can find this information on payday loan lenders’ websites under categories like APR Disclosure, FAQ, or Loan Information. You can also email the lender requesting the current APR.

Ask About Fees

Fees besides the interest charge also add to the cost of the loan. Some payday loan lenders simply have a flat financing charge, while others include a processing fee. Fess should be disclosed along with financing fees, so you can quickly compare the loans true cost.

Compare Terms

Ideally you will pay back your cash advance on your next payday, but financial emergencies happen. You can be prepared for this by researching the terms of repayment of the different payday loan lenders. Most lenders allow you to make a minimum payment of just that period’s interest charges, but it is best to have it in writing. Also, research the fees you will accrue with delayed payments.

Find Customer Service

Make sure that you can contact a customer service representative through email, phone, or fax. While you probably won’t need any help with the application process, you do want to be able to contact the payday loan lender if you want to change your repayment plan or ask a question.

Expect An Easy Application Process

With today’s technology, you should expect a quick payday loan application process. Applications should be processed over the Internet within minutes with no fax needed. The only information required is your personal contact information and employment history. There is no credit check for a payday loan. You can also expect to have your cash advance deposited in your checking account the next day.

About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. To view our list of recommended payday loan companies online, visit this
page: http://www.abcloanguide.com/paydayloans.shtml

A Quick Note From The Publisher... If you like the article above, you may be interested in the following article which is also related to Payday Loans... Instant Payday Loans - Serving Your needs Just When they Arise Instant payday loans are the short term loans when you need some extra cash between your paydays when your funds are over. These loans are for bearing short term expenses of the borrowers such as grocery expenses, electricity and water bills, emergency car breakdown, medical illness of a family member and other such expenses which cannot be put on hold for a long time. To qualify for an instant payday loan: • You must be 18 years of age or older • Your income should be fixed and you should be employed for a considerable amount of time. • Must have a checking account You can get amounts varying from ₤100 to ₤1000 depending upon the requirement and the income of the borrower. As these loans are short term loans, these loans are just for a period of 7 to 14 days. These loans are high interest rate loans and should be repaid as early as possible. Instant payday loans are generally secured by a postdated cheque of the next payday. On reaching the day of repayment the borrower can either repay the money or he has the option to ask for expending the repayment date of the loan. Instant payday loans are also beneficial for the borrowers with a bad credit score. CCJ’s and arrears, IVA’s and defaulters etc can easily apply for an instant payday loan. Due to this characteristic, these loans are also called as no credit check loans. However, there are other names too by which instant payday loans are popular such as no fax payday loans, check advance loans, cash advance loans and many other names. The word ‘Instant” in the name instant payday loan perfectly suits such loans. This is because of the fact that these loans are quickly approved and gives you access to the loan money within a short period one day. This means you are ready with the loan money to handle...