Applying for a payday loan online is easy and convenient. In recent years online payday loan companies have experienced explosive growth. There are literally hundreds from which to choose. Comparing a few of their features may help you to choose the payday loan company that will provide the best solution for your financial dilemma.
Interest and fees - Due to their convenience and the fact that that most of their clients have damaged credit, the interest and fees charged on payday loans are exorbitant. The typical fee will be $20 for each $100 loaned. Thus, if you borrow $200, you repay $240. A few companies charge less for first time users. Other fees may apply. Check a company's "roll over" fee. This is the fee charged to extend the loan for another term if the entire balance cannot be paid when it is due. Fees such as these can greatly increase the cost of the loan.
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