Compare Payday Loans-Three Factors Help You Choose The Best Loan Lender

To compare payday loans, you can have a look at the factors given below:

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.

It is quite important to compare payday loans to find the best loan lender in the market.