Best Online Payday Loans
Payday loans are a convenient and easy way to obtain few extra dollars until the next paycheck arrives. No credit check is performed, and almost everyone is approved.
Just about all payday loan lenders claim to be the best, but the best online payday loans are the ones that provide the customer with the necessary cash in a short time frame. To narrow the best online payday loans list down, the applicant will have to compare the interest rates, payment terms and the terms and conditions of the loans. Be sure to check out the late fees and penalties, as well. Perhaps just finding out how much the penalties and late fees will add to the cost of the loan will make the borrower be sure to pay the loan back on time.
The best online payday loans will have a lower interest rate than all other payday lenders. The average finance charge for a payday loan is 15 to 35%, depending on the lender. The loan is payable in 7 to 30 days, and it is usually a lump sum payment. The payback is timed to coincide with the applicant’s employment pay period.
The best online payday loans are the ones that have some flexibility when it comes to payments. Some lenders will accommodate a request for installment payments while others offer installment payments as a standard method of pay back. Even with installments, the payback period is still the same, 7 to 30 days, but sometimes making 2 or 3 smaller payments is preferred, and easier, over paying one lump sum.
The one element that will set a payday lender apart from all others and be the absolute number one lender when it comes to the best online payday loans is the lender with caring and attentive customer service representatives. Some of the biggest complaints about dealing with a business are the lack of customer service. Phone calls are often unanswered, emails seem to fall into a black hole, and online chat is available in the wee hours of the morning when most people are in bed. Automated customer service is almost worse than no customer service at all. The lender with the customer service who is a real person and can answer questions and successfully direct calls to where they need to go are golden.
The best online payday loans are also the ones that have a reasonably simple and straight forward application that is easy to obtain and fill out and submit online. The less complicated life can be the better most people like it. The best way to attract customers and make a payday loan more attractive is to eliminate the confusion the loan process can generate.
The best online payday loans are the ones that are successfully obtained and paid back without causing the applicant more problems that the loan will solve. Payday loans are geared to the person with credit issues and paying back a loan of any type is sometimes difficult under the best of conditions.