Shop Around
Payday loans are intended for emergencies.
Some predatory lenders take advantage of this by charging outrageous interest rates or including hidden fees. They know people suffering a time-sensitive financial crisis usually do not have time to shop around.
A small difference in fee, however, can mean a huge difference in total cost.
It pays to shop around…
If you borrow $500 for 14 days, a $5 difference in fee will cost you:
$5 difference x 5 (the number of $100 loans) = extra $25/14 days
If something goes wrong and you can’t pay the loan off on your next paycheck:
$25 difference/14 days = $50 difference/month = $600 difference/year
A $5 difference in fee could mean a several hundred dollar difference in the total cost of the loan.
Other reasons to shop around when looking for cash advance loans are:
- some lenders do not disclose necessary information (fees, APR, contact information, etc.)
- some are not actual lenders (publisher/affiliate middlemen or harvesters of e-mail addresses/personal information)
- some lenders offer perks (first loan free, same day service, toll free phone or faxless transactions)
Recent Posts:
- 01/25/2012: Traffic Comparison Page Update
- 01/23/2012: BBB Accreditation Added
- 01/07/2012: Added Google Plus Button
- 12/17/2011: Latest Contact Info Requests
- 12/17/2011: Another IP Ban for Ratings Abuse
Random Posts:
- 11/29/2006: Payday Loan Checklist – Ten Things You Must Do Before Applying for an Online Payday Loan
- 03/07/2007: Terry Goodman
- 11/04/2006: Bill Kennedy
- 11/28/2006: Judy Poston
- 01/28/2008: Tasnuva Ahmed
loading...