Taking the time to properly compare the price of products and the merits of individual providers might be an onerous task in some people’s eyes, but for others it is the only way to guarantee a great deal. It’s getting easier all the time too, meaning that not investing a few minutes of your time could lead you to missing out on finding out where the real value lies. This is just as true in the payday loan industry as it is in any other.

Payday loan comparison sites are helping to make this process even easier in an industry that is overflowing with competition. However, weighing up the overall value when borrowing money isn’t quite the same as just looking at the total cost.

If you are looking for a paperback book, the likelihood is that you’ll simply choose to buy it from the company that offers the best price, perhaps taking delivery time and costs into account. In this scenario, price is everything. But that isn’t necessarily the case for payday loans.

The first issue is finding what to actually compare. Representative APR might seem like the most obvious factors, particularly as this is what you would generally use when choosing other financial products such as credit cards or long-term loans, but this won’t always provide you with the clearest indication of value. After all, APR is based on a borrowing on a yearly basis, not daily or monthly as is the case in short-term loans.

This is why many comparison sites will also usually include other, more pertinent factors, such as the amount you will pay per £100. Ordinarily this will be anywhere up to £30, with the lowest figure likely to be £15. You might also need to look out for charges. These should be highlighted either as part of the total cost or as additional fees by the comparison site. For instance companies that offer instant payday loans will charge between £5 and £10 for the service. So this all needs to be factored in to work out who is really the cheapest.

You can of course choose to do this whole process manually, particularly if you have any reservations about the results you receive from the comparison service. This will take longer, but you can at least pick and choose specific lenders and then see how they shape up, both in terms of the overall cost and services they provide – no fax applications, 1 hour transfers, loan extensions etc.

With slider functionality now a frequent feature on most sites, you can use this (or any similar application) to quickly establish the interest charges for the amount you’re seeking and for the length of time you need it. Payday loan companies should also clearly advertise any charges, either on their homepage or prominently elsewhere on the website.

When comparing different loan providers through their websites you shouldn’t need to provide any personal details, unless of course you choose to apply. Therefore you won’t need to worry about any future contact or the loss of information. It’s easy to do, all you need is an Internet connection and know where to look – a straightforward search query is usually a good place to start.

So if you’re looking to get a payday loan, make sure you take the time to compare what’s out there and work out who offers the very best level of service and charge the least. Comparison sites are a great way of achieving this quickly and with minimal fuss; however, it is just as easy to do the work yourself or, better still, employ the services of an established broker to do it for you.

Vincent Rogers is a finance writer who writes for a number of finance businesses. For payday loans, he recommends Paydaypower.co.uk

Vincent Rogers is a finance writer who writes for a number of finance businesses. For payday loans, he recommends http://Paydaypower.co.uk

Author Bio: Vincent Rogers is a finance writer who writes for a number of finance businesses. For payday loans, he recommends Paydaypower.co.uk

Category: Finances
Keywords: payday loans, same day loans, loans, UK, finacne