Payday Loans Online Suite

10 million households use payday loans each year, according to the Coalition for Responsible Lending. The popularity of cash advance loans has made payday lending big business. So big, in fact, that the Community Financial Services Association of America says there are more than 22,000 payday lenders in America - that’s more than McDonald’s and Burger King locations combined. These payday lenders are all scrabbling for the same prize: you, as a customer.

It’s easy to get lost in the hodge-podge of available lenders. Collectively, they all seem the same. Yet, the fierce competition that has sprouted within the payday loan industry has forced many lenders to offer incentives to differentiate themselves from their competitors. You can find the best payday loans online when you define your priorities and shop around for the lender to match.

Some of the ways payday lenders have found to offer more value are:
- Lowest fees
- Quick response times
- Higher credit limits
- Easy process

Fees

Every borrower wants low fees. After all, everyone has seen the misguided articles that blast cash advance loans as having excessive interest rates. These articles cite the fees that borrowers pay as an APR percentage. Critics use this APR percentage as proof that credit cards are the cheaper credit option.

While the APR rates cited are technically correct, the one-time fee of a payday loan online is much lower than the credit card interest that accrues for most balances. Borrowers will pay around $15 for every $100 advanced, although state laws vary. This makes for an interest rate of almost 400 percent - if the loan was payable in one year. The truth is that payday loans are short-term, usually about two weeks. Most people carry their credit card balances long-term and end up paying far more over the long run.

In your quest for the lowest rate, you may end your search prematurely with the site offering the lowest fees, then find yourself inconvenienced with the lender’s excessive demands. While the focus on fees is understandable when you find yourself short on cash, avoid the temptation to sign on with a creditor before you have thoroughly accessed its services.

Response Times

For the most part, lenders approve your loan and deposit your funds within about 24 hours. Still, some lenders have found ways to crunch their response time even further. Some have extended their application deadline into the evening hours and guarantee next day funds transfers. Others offer physical locations where you can pick up your money.

Analyze your situation to determine if you are willing to pay the higher fees for these services. Always compare rates and delivery times from at least three lenders. You might be able to find lower fees while only sacrificing a couple of hours in the turnaround time. Finally, is there some way you can get more time? Sometimes a phone call to a creditor is enough to take the pressure off so that you can find the high quality payday loan lender you deserve.

Credit Limit

Sometimes, borrowers feel they need more money than the lender is offering. Resist shopping around for the highest credit limit. Remember, these loans come due in two weeks. While it may be nice to feel the pressure relieved, stress will come back stronger than ever if you find that you cannot pay back your high-limit loan.

Write out a budget that will carry you through the next two pay periods. Trim as much off of your expenses as you can. Call the creditors for bills that come due during that time. Make arrangements to pay them a little later. But, don’t overdo it. You may think you can eat Ramen noodles for three weeks and get to work on fumes, but both you and your car will run out of gas.

Lending Process

Some sites promise low fees, fast turnaround and high credit limits. They are able to deliver on these promises with shoddy customer service, cumbersome websites, confusing applications and hidden fees.

Before you sign on with a payday loan online, assess their services. Call their customer service number. Can you easily find it on the site? How long does it take to get to a live representative? Explore their website. Can you find the frequently asked questions? Do they answer the questions you have? Read the fine print for hidden fees. Is there an application fee? A loan extension fee? Finally, is the application process transparent? Will you have to fax documentation? Does the promised turnaround time include the entire application process, or does it begin after “someone has reviewed your faxed documents?”

There are plenty of cash advance lenders to choose from. In fact, the dizzying number of choices you have may be enough to trick you into signing on with the first one that promises low fees and high credit limits. The payday lending landscape is changing, and you, the borrower, have more power than ever to get your needs met. Thoroughly assess each payday loans online site you are considering. When you do, you’ll find that “company name” makes getting a payday loan so easy and secure that you might start believing that money does grow on trees.