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Find Payday Companies with the Best Loan Deals
We compare the top Payday Loan companies so you can make an educated decision on who to choose.

Payday Loans and Cash Advance Lenders & Fees

Choosing a Payday Loan or Cash Advance Lender?

An Editorial By Staff Writer: Tmeister
Where do you get the best Payday Loan fees? Fees should be based on credit worthiness, document requirements, transaction method, convenience and a host of other factors..

From which lender should you get a payday loan? Once again it is subjective because it depends upon the time you have to secure the loan and many of the factors for payday loan fees.

The bottom line is payday loans are for emergencies so securing the loan should be your highest priority. When payday loans are paid on time and in full the difference in fees and interest charges between lenders is not very large in actual dollar amounts, if the lender is responsible!

Tips for Accessing Payday Loan Lenders

Generally speaking you can tell a lot about a payday lender by studying their contracts, location and policies. Bad lenders will have policies that allow clients to easily do things that are not necessarily in their best interests, but, do result in excessive fees and interest charges.

Lender locations and personnel that don't seem very professional may reflect the type of service being provided. A good yardstick for determining the suitability of a lender is to ask yourself, "If I was applying for a mortgage would I borrow from this lender?". If the answer is no then... should you be borrowing from them at all?

Payday loan lenders that don't discourage "rollovers", especially if they allow multiple rollover requests or not using responsible lending practices. Lenders that do not check for other payday loans with other lenders are not using good lending practices and therefore they must charge higher fees and interest. Lenders that don't access your ability to pay are not using sound lending practices and therefore you pay extra for their poor lending practices.

Types of Payday Loan Lenders

Payday loan stores: offline locations (AKA brick and mortar) should provide lower interest rates and fees. They are taking less risk and this should be reflected in the fees and rate of interest. They may provide faster access to funds, depending on the time of day the request is made.

The main disadvantages being convenience, availability (hours of operation), privacy (being seen in a lineup waiting for the loan) and post dated check requirements. In other words it's harder to keep your need for a loan private and their may be charges for the check.

Online Payday Loans: are convenient, often have looser document requirements (in some cases), and avoid the embarrassment of being seen arranging a payday loan. Lender risk is increased so you pay a premium for the convenience and partial anonymity.

Payday loan lenders that don't require you to go to a brick and mortar location can not verify your identity using picture ID increasing their risk and therefore fees and interest charged. Because you do not see the location or personnel you have less to go on to access them, however, you can access the quality of the website's information.

If there is no contact info on every page then... it's obvious they are hiding something. If there is no mention of phone contact then... be wary! Some companies only give out their phone number to registered users (those arranging or previously approved) to avoid prank and abusive use of the information. If they provide little or no information about their services (faq, privacy policy/terms of use and company/about us) then what do you know about them beyond the fact they provide payday loans?

For the most part the lending practices and document requirements of a payday loan lender should be reflected in the fees and interest rates charged. Be wary of those that seem high in relation to the risk inherent to their lending practices and document requirements.

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