For Perspective: What Are Some Lender Fee Comparisons for Payday Loans?

There are two levels of decisions to be made when considering payday loans. One is do you need one? The second is what lender should you choose?

Deciding whether or not to get payday loans boils down to whether an expense can wait until your next payday or not. Often, there are some things that simply can't wait – a car repair or a trip to visit someone who unexpectedly needs your help are both good examples. Sometimes it might be to pay bills where the late fees and penalties would be very costly. There are many reasons to the help of fast cash through payday loans.

Choosing between lenders is not a simple matter of looking at interest rates — although, that does matter. Consider how QuickQuid compares to two of its key competitors in four important features:

• Finance charges – QuickQuid charges between £20 and £29.50 per £100 borrowed. A second competitor (B) is in approximately the same range (£20-£30) while a third competitor (C) charges its customer £36.72 for that same amount borrowed.
• 10-Minute Money – To get funds sent within one 10 minutes of approval^§ of approval, there is no extra charge from QuickQuid. However, at least one competitor charges £5.50 for that service.
• Missed payment fees – When payment due dates are missed, the charge from QuickQuid is £12, as it is with competitor B. But competitor C charges £25.
• Interest on past due balances – QuickQuid does not charge interest on past due balances. But both competitors B and C do charge their respective interest rates.

It always serves the customer well to shop around on the Internet for the best deals on payday loans once deciding to borrow one. But the important point is to note the terms that go beyond finance and interest charges. They can mean a large difference in the overall total cost of credit for the loan.

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