A recent study has found that getting a payday loan online is much more cost effective than getting a cash advance at your local payday store. Many states have capped the allowable interest rates that payday lenders are able to charge and therefore many retail payday stores in those states have been forced to close up shop as they can no longer run a profitable operation. This has created an explosion in online payday lending.
As the government continues to crack down on predatory lending, payday lenders are moving online to issue loans and getting a payday loan online has become much cheaper to the consumer as a result of increased competition between the lenders.
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