• Default rates (non paying clients) for Internet payday loan companies are higher than for brick-n-mortars. Typically double those of a storefront.
• Consumers are willing to pay more for convenience, which includes borrowing from home or work.
• Many online customers are in states/provinces that do not offer payday loans in brick-n-mortars.
• Some online payday loan companies are undercapitalized and not able to fund all the applications they receive. They raise their fees in an attempt to maximize their ROI (return on investment) by serving consumers willing to pay higher fees.

Payday loan fees in brick-n-mortars average $17 per $100. Of course this fee is dependent on the state/province the store is physically located in. Currently, Internet payday loan fees range from a low of $15 per $100 loaned to as high as $40 per $100 loaned. Internet fees average $26.75 per $100. Six months ago the average was closer to $28 per $100 for online loans.

Much like the brick-n-mortars, loan amounts for Internet payday loans range from a low of $300 to a high of $2500. $300 to $500 is typical in the current environment.

Competition is having an impact on the average fee.  More and more payday loan companies are offering their product online. Many of these companies, having both an online presence and a storefront, restrict loans to consumers residing in the state/province in which they are licensed. This brings down the averages. Those Internet payday loan companies willing to fund loans from anywhere have much higher fee averages. Especially when they are willing to serve customers in Canada, North Carolina, Texas, New York, Georgia, and New Jersey.

The payday loan industry has grown into an estimated $45 billion dollars in loans per year generating $6.5 billion in fees. Demand is undeniable! Consumers in the USA, Canada, England, Australia, New Zealand, South Korea, the Caribbean and more, cannot get enough.

The main reason for this trend is a global economic slowdown and a trend of banks lending less money to less than perfect credit score consumers. With banks fearful of lending it has opened up a huge market for the online payday loan business.

At the present time, 95% of these payday loan transactions work out of a “brick-and-mortar” environment. Like most retail financial services offered in the marketplace today, the consumer must show up at the storefront with all their documents to apply for the loan. After standing in line, answering several probing questions by a clerk, and a few delays while checking on certain lending criteria like CheckDataSystems.com, TeleTrack, CL Verify, Accurint, DP Bureau, their employer, their references and more are conferred with (during which time the clerk may have to answer a few phone calls), the payday advance is approved and a check is issued. Next stop for the consumer is their bank and more delays. Almost seems too complicated doesn’t it? Isn’t there a better way?

Well of course you know the answer! The INTERNET! From the comfort of their home or work, the online payday loan customer of today can apply for a payday loan, be approved and have the funds delivered electronically to their bank account. Privacy, dignity, respect, and SPEED! And on the other side of this equation, people from around the world can provide money for customers needing online payday loans.

One of the interesting companies I found was ThinkCash

ThinkCash helps you get the fast cash you need to cover life’s unexpected events. This is a new option for people who want a short term loan without the hassle of driving to a bank or the costs of a payday loan. ThinkCash is a leading provider of installment loans. Serving 35 states, they do more for their customers with interest rates 50% lower than typical payday loans and provide an unparalleled customer experience with multiple payment plans including extended pay periods. Not only that, but ThinkCash is trusted and supported by the First Bank of Delaware.

Here were some features that I liked about Think Cash

Unlike a Traditional Bank Loan:

No paperwork, no long approval processes, and no waiting in line. You’ll get a decision in seconds on your loan application any time of day or night — and you can get from $250 to $2500 the next business day.

Unlike a Payday Loan:

ThinkCash provides access to rates that are typically 25 – 75% lower than payday loans*. But the real benefit is our convenient payment options. You can pay off your loan in several installments – or pay it off completely at any time – with no penalties. It’s your choice.

If you think this company might be the right choice for you if you decide to get an online payday loan here is the link.

Convenient and Flexible Payment Options

First of all people need to understand that not all companies fund loans for people in all states. By understanding this you can save time and frustration. You can easily save time by using a google search for “Online Payday Loan in Your State” or for a perfect example, “Online Payday Loan in Montana.” By doing this you can save quite a bit of time by not filling out an application that does not serve your state and then having to go through the process all over again.

Now that you understand this it is important to bargain for a better interest rate if possible. There are lots of payday loan companies out there to compete for your business. Ask for a better loan fee or interest rate if possible. These companies are spending a lot of money to get new clients and realize that you could be a long time customer and want to earn your business. Don’t be afraid to ask!

You can simply say that you applied with company QYZ and they quoted me $14.00 per $100.00 loaned and I don’t want to pay $18.00 per $100.00 loaned. If your borrowing qualifications are in line with their lending qualifications then there should be no reason not to get a better rate.

Another thing to consider is that if you are a good client, over time you may be able to get an even better rate or you can shop another lender and show them your good payment history and then the new lender may really want your business.

I have  included a list of two companies that fund all 50 states and will save you time by not having to fill out multiple applications or be turned down due to not funding in your state.

ThinkCash.com

Cash Central Payday Loans: Quick, Friendly, Secure

These are two companies that serve all 50 states for online payday loans.

Another compounding fact is that there is a high level of unemployment. This is due to the fact liberal progressives are in control and capitalistic entrepreneurs are sitting on the sidelines avoiding getting taxed to death. This combination lead to a stagnant economy and less jobs and lower wages. With inflation coming and unemployment remaining high, there will be an even greater need for online payday loans.