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July 11, 2008, Newsletter Issue #14: Comparing Payday Loan Services
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Tip of the Week
One common mistake borrowers make is to assume there is no benefit in comparing payday loan services. The borrower may assume this is not necessary because the services offered are very similar, but there may be differences which can make one lender more appealing than others. The first factor to consider is the applicable fees and the loan terms. In making this comparison, the borrower should consider the total amount of money it will cost them to repay the loan in full. This will likely include the amount borrowed plus any applicable fees, such as application fees, processing fees or startup fees.
The borrower should also carefully consider the repayment period. Most payday lenders require complete repayment within two weeks. The loan is usually repaid on the borrower’s next payday unless this payday occurs within seven days of the loan approval. Failure to repay the loan in a timely fashion will result in the borrower being charged interest on the outstanding balance on the loan. Therefore, it is important to compare interest rates even if the borrower does not anticipate having to pay interest on the loan.
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