Payday Loan Company - Compare Payday Loan Companies To Get The Lowest Rate
Written by: Carrie Reeder
Payday loan companies vary in the rates they charge customers.
You can find low rates by comparing the offers of payday loan
companies. The annual percentage rate (APR) is an easy tool to
find who has the best deal. You also want to take a look at
payment plans to make sure you don't get taken in by late fees.
Look For The APR
The APR is the cost of the cash advance for a year. Fortunately,
the majority of people pay off their payday loan is less than 30
days so they don't pay such high fees. But by comparing the APR
of several lenders, you can find the best deal.
Most often the APR will be listed in the 'FAQ' or 'How It Works'
section of an online payday company. If you can't find it,
simply email the company with a request. By taking a few minutes
to compare rates, you can save a few dollars.
The actual cost of your loan will on average be about $15 for
every $100 you borrow. A payday loan company charges the same
rate to everyone since there are no credit checks. In the
company's eyes, everyone has the same credit background. The
only variable is your income level, which will determine in part
how much you can borrow.
Some online payday companies also offer a reduced finance fee
for first time borrowers. You will want to make sure they have a
competitive rate to begin with, but it is certainly worth
One way payday loan companies can get you is by delaying
payments. They might just debit the finance charge or a small
part of your principal from your checking account. While the
small charge may seem nice, you are actually adding on more
financing fees for the time delay.
When you apply for a cash advance, make sure you opt for the
full payment on the day you get paid. Some lenders will
automatically default to this plan; others will require you to
call or fax your request to the company. You can always change
your mind later on.
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