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Payday Loans and Cash Advance Fees

Finding the Best Payday Lender Fees!

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. In the end fees are determined mostly by the level of risk the lender is taking in providing a cash advance loan.

From which lender will you get the best payday loan fees? 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. Fees begin around $10-45/$100 of loan amount.

Payday loans are for emergencies so securing the loan should be your highest priority. If the lender is responsible then the difference in fees and interest charges between lenders is not very large in actual dollar amounts for a payday loan that is paid on time and in full!

Tips for Accessing Payday Loan Fees

Generally speaking you can tell a lot about a payday lenders fees by studying their contracts and payment 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. 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 are inflating fees and interest. Lenders that are not using good lending practices must charge higher fees and interest. Lenders that don't access your ability to pay result in you paying extra for their poor lending practices.

Payday Loan Lender Fees

Payday loan stores and check cashing services with offline locations (AKA brick and mortar) will generally provide lower interest rates and fees. They are taking less risk and this is usually reflected in the fees and rate of interest.

Online Payday Loans: have looser document requirements (in some cases), and avoid the embarrassment of being seen getting a payday loan. The above factors increase risk to the online lender so you pay a premium for the convenience, partial anonymity and higher risk.

Payday loan lenders that don't require you to 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.

Be wary of lenders that:

  • have no contact info on every page then... it's obvious they are hiding something.
  • 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.
  • Provide little or no information about their services (faq, privacy policy/terms of use and company/about us)

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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