Online payday loans is big business and hugely competitive. As with any other business, payday loan companies look for ways to differentiate themselves from the competition endeavoring to attract more customers.

This focus on providing added value to the customer, of course, works in your favor when determining which online payday loan company is best for you. For example, what is it you want most from the lender? Is it:

• Quick response times
• Easy to follow online application
• Lowest fees
• Larger amounts to borrow

To many the obvious choice is lowest fees. Depending on your personal circumstances and why you need a payday loan quick response times may be more important on that one occasion.

Prioritizing your needs at the time will help you narrow down your search for the right lender. If you are looking for quick response times and cash delivery as soon as possible it is likely the online payday loan company will charge you higher fees for the service.

Also, depending on the lenders approval process they may require additional proof or documentation and because of that they may be prepared to offer lower rates than some of their competitors.

Let’s Help You Decide

All online payday loan companied will try and process your request as quickly as possible. As mentioned some make this a priority processing requests within hours. Generally speaking most companies will have a turnaround time of no more than 24 hours.

If it is vital to you to get the money as quickly as possible, accept that you will have a higher fee to pay. So, search for these specifically online but still do a comparison no matter how urgent it is. You will find different rates and different turnaround times, usually within hours.

At the opposite end of the fee scale the online payday loan companies charging the least in fees are typically those who require extra information to be sent to them, normally by fax. If you need the loan but not necessarily urgently consider this option. Make sure you have all the documentation ready which you will found when searching for these lenders online.

When it is important to you to have the simplest process with the least hassle, go for a lender who does not require you to provide any documentation for your payday loan. The information you provide online in your application will give them the opportunity to verify its authenticity. This option will not be the quickest however you should not have to wait any more than the next business day. With the growing popularity of online payday loans you may find that the biggest problem you face is having too many lenders to choose from. Let make it easy for you, where money really does grow on trees.