An online payday loan lender can rescue you, if you often find yourself short of cash in the middle of the month or it has happened only in this month. You will come across many lenders on the internet ready to give you payday advance loan. A payday loan is one, which is given on the security of your salary or your monthly income. This means that you have to be in service or you should have substantial means to show that you have a fixed monthly income to qualify for a payday loan. The online payday loan lender charges a one-time fee on the loan advance he provides you. This fee is very high if you compare it to conventional finance. Therefore, before opting for a payday loan you must explore all other options of securing finance.
In case you have no option and you have to contact an online payday loan lender, then make sure of a few things for your own safety. Shop wisely on the internet to find a lender of repute. Check out the credentials of the online payday loan lender with the department of financial institutions. Find an online lender who provides overnight payday loan, which means you get your loan in 24 hours. Plan your budget before hand and pay on the due date. Check out with credit unions for lower fee structure. Ask for the cost of credit under the Truth in Lending Act. Ask for the APR (annual percentage rate) and check it with the maximum permitted range of your state.