How to choose a payday loan company

I need cash now, but which payday loan company should I choose? Pay advances are one of several 30-day loans that are designed to help you pay a bill that you weren't expecting. You can use a loan comparison service to check the rates offered by online payday lenders and borrow money without passing a credit check.

Selecting payday loan companies

Cost of borrowing
You can get cash now, but how much will it cost you? The cost of credit is the most important factor when borrowing money. Payday loans today
If you need some quick cash, you want to receive the money as soon as possible. Payday loans always arrive within 24 hours, but you may be able to get payment on the same business day. Payday loans no faxing
Ease of application is very important, especially when time is running out or you don't have a fax machine. Contractual transparency
Interest, charges and the terms of credit should be 100% transparent. Payday loan company reputation
Check whether the feedback at the Better Business Bureau (BBB) is favourable. You should also ask the opinion of friends and family or check to see whether there is any other negative information about the company online. No credit checks
If you've defaulted on any of your credit agreements within the last 7 years, it's important that you only apply to payday loan companies that don't use credit scoring. Most companies don't perform credit checks, but a lot of lenders use teletracking to ascertain whether you have unpaid payday advance loans in the system. Financial hardship
Find out what the policy is if you find it difficult to repay the money that you've borrowed.

How much does a payday loan company charge?

Cost of pay cheque loans
No credit check finance is expensive, so you'll pay up to £100 on a 30-day £400 payday advance loan. This will leave you with less money to pay the bills in future months and could exacerbate your financial problems. Compare payroll advance rates
Payday loan companies charge different rates so trawl the market and you'll save some money. Consider alternatives, such as pawn shops, door-to-door lenders, family members and credit unions.