If you are looking for fast payday loans online you need to be careful that you don’t end up paying over the odds for your borrowing.
With interest rates well over 1,000% finding cheap payday loans online can be a difficult task, so taking the time to compare payday online deals is essential for keeping your borrowing costs down.
Here’s how to find the best payday loans online direct lenders deals and what you need to check before you apply.
Do you need a payday loan?
Before applying for online payday loans you should investigate all the financial alternatives available to you, simply due to the very high cost of borrowing using a payday loan.
If you need to borrow money at short notice there are several other financial options which could meet your borrowing needs at a much lower cost. Read our guide: The Cheapest Way to Borrow Money Fast for a list of options.
Equally if you are looking for an online payday loans because you have a poor credit history there are still other alternatives that could cost you less overall. Read our guide: How to Borrow Money With Bad Credit.
Decide what you need to borrow
Once you’ve decided that you need an online payday loan the next step is to decide how much you need to borrow and for how long.
As a general rule and due to the high expense of borrowing with a pay day loan you should try and keep your borrowing to a minimum and opt to repay your loan as quickly as you can realistically afford.
This will keep the cost of your online payday loans under control and reduce the cost of your borrowing.
The main factor that will determine which payday loan is the best option is the cost of your borrowing.
Although there isn’t really any such thing as cheap payday loans online, interest rates do vary by well over 1,000% from one payday lender to another.
This makes it really worthwhile comparing the interest rates charged by the different lenders offering fast payday loans online.
You should look for the cheapest payday loans online - this is most likely the one that combines the lowest interest rate with the lowest charges - so you pay as little as possible for borrowing this way.
You can use our payday online comparison table to compare the different interest rates quoted by the various payday loan companied to find the best deal for your circumstances.