low interest rate payday loan

Low interest rate payday loans is kind of a counter intuitive statement seeing how high interest rates and payday loans seem to walk hand in hand with one another. The payday lending industry has recently gone under an increased scrutiny from government officials and many states have enacted laws that crack down on predatory lending. The days of being charged 4,000% interest on a low interest payday loan are coming to an end and it is now possible to get a reasonably low interest rate on a payday loan. A typical finance charge on a payday loan is $15 for every $100 you borrow although prices can vary widely depending on the lender. The best place to get fast cash is through an online payday lender as they are able to streamline the application process and get you your money faster than your local payday store.

An online payday lender will typically offer you a lower rate than what you will be offered at a local retail payday outlet. While this is obviously not an all inclusive statement, several studies have proven that consumers who need to get fast cash consistently find a better interest rate online. This is mainly due to the increased competition that online payday lenders are currently experiencing because many of the local retail payday outlets were forced to close up shop due to government regulations. Online lenders must therefore continue to offer competitive rates to stay in business and some even offer below market rates in order to increase sales.

While you will never find a true low interest rate payday loan, it is very possible to find the lowest market rate available. This is done through a little shopping around online and comparing rates from multiple lenders.

If you are currently experiencing short term cash flow problems and are in need of fast cash then you will obviously want to get the best deal. I would strongly discourage you from going directly to a particular payday lender as you never really no if you are getting the best rate. Instead, the most efficient way to receive multiple quotes and get the best deal on your short term loan, is to utilize a multiple lender website that is affiliated with several payday lending companies. These websites will make the payday loan companies compete over your loan and therefore you are able to choose the one that was able to offer you the best deal. Going through a multiple lender website will save you time and money and they have consistently offered consumers the best market rate available. They are free to use and are by far the most convenient method to get quick cash.