The price of a payday loan is always in the news. The states are trying to regulate them to protect their residents, other banking industries try to discredit them by focusing on high annual interest for a two week loan, and people are falling into further debt. Online payday loans are usually targeted as predatory by the mainstream news, but their popularity with customers is growing.
It isn’t just the online lender who gets the bad reputation for being a predator, but the storefront locations, banks and credit unions who participate in the short-term loaning process as well. A payday loan is a paycheck loan is a payday advance or any other name the lender wants to call it. The setup is very similar. There is quick and easy access to money. There is a price to pay for obtaining one of these loans. Convenience carries a higher price. Go to a “convenience” store and look at the price of a soft drink or snack compared to those which are sold in the grocery store. You are paying more the ease of running into the corner store for a few items.
Complaints about the cost of these online payday loans are scare tactics to prevent customers from applying for loans. It is always good to know the ins and outs of the loan before the transaction is complete, but do these reports look at payday loan customers as not intelligent enough to make a financial decision? Let’s say I need a new coffee pot. I like my coffee and it is important for me to get a good machine. So I go to a store which sells decent coffee pots. I buy one which I think is reasonably priced and take it home. The next week I am surfing the web and find the same coffee pot for forty dollars less with free shipping! Have I been duped by the original store? I obviously paid more than I needed to for my coffee pot. Now I know there will be no consumer advocate groups fighting for my rights as a shopper. It basically was me wanting the coffee pot and buying it on the spot instead of doing some research prior to the purchase. I could have saved twenty dollars. How many more items have I purchased that were overpriced or I could have gotten them at a lower price? It all adds up.
Find a lender who will offer low cost online payday loans.
Payday loans are low cost when you take the time to find one who does not charge exuberant fees. If regulations in your state don’t allow the industry to loan in a certain way and you find a company who will, are you making the best decision for your finances? Shop around before you sign for the loan. Many customers will find that there is a better price for that short-term online payday loan without making such a rushed decision.
Spotya! online payday loans offers some of the competitive fees available for fast cash. There are good options for low cost payday loans out there, but you will have to look for them.
