payday loans

Nobody likes to have debts hanging over them. That's why many people work hard to repay credit cards, overdrafts and payday loans as soon as possible. However, finding ways to lower spending or increase your income can be difficult, so what can you do to pay off online payday loans quickly?
First of all you will need to evaluate the benefit and possibility of doing so. Not all payday loan companies will be able to offer an early repayment option, simply because it isn't in anybody's best interest to do so. After all, you have to remember that payday loans are an exclusively short-term form of borrowing, so the agreed repayment date will always be within 30 days. As such, any early payment is only likely to shorten this fractionally and may end up costing more in additional admin.
One instance where this certainly isn't the case is when you take out a payday loan which has interest applied each day in deference to the slightly more common one-off charge.
So if you were to have a £200 payday loan that was charged at 1% a day that would mean that your interest would add up to £60 after 30 days. However, if you were to opt for a company that charges a fixed rate for every loan, let's say 25%, you would end up paying £50 for the same amount.