As the payday loan industry repeatedly grows, becoming one of the major businesses in the whole world, the idea of a low interest payday loan is now so widespread among many people. In fact, quite a few advertisements on the radio, television, the Internet and even the email have now featured these offers.

Yet if you walk down your street and look in the windows of banks in your district, you will find out they will no doubt be promoting their low interest payday loans.

While talking about low interest payday loan, it is very important to understand that in general, the longer is your loan repayment period, the lower your payday loan interest rate will be. This may sound bit confusing since payday loans are known to be of the limited period. Then how do you ensure the lowest rate on this product? Here are some tips which will surely help you:-

•Do assess your needs first before opting for payday loans. By keeping the loan amount limited, your interest liability will automatically come down.
•You should make comparisons on multiple payday loan deals offered for a particular amount and over a particular period. This way you will be able to decide on the cheapest offer.
•Inquire about loan products thoroughly. Know about the Annual Percentage Rate i.e. APR which is actually the deciding factor. In fact, your interest calculation will depend on the APR only.
•Make sure you repay the loan in the time since extensions will always add up to your interest liability.
•Enquire about service charges and hidden clauses if any. Be very specific about penalty or loan extension clauses in case you fail to repay the loan in time.
•If you are not very sure, do consult some experts to get a proper explanation on the loan product. This way you can avoid being misguided.
•Sometimes loan providers offer special rates for the limited period. You need to be aware of such offers if any, available in the market.

Now if you are wondering how to find out low-interest payday loans, the answer is to explore the internet which can prove to be very helpful. There are many sites which offer comparative study on various payday loan products. First, you need to decide the amount you wish to borrow and the loan period, e.g. you want an amount of 1000 dollars for a period of 30 days. You need to fill up these details and the site will calculate the interest amount for you, as per different rates. This way you can sort out the payday loan product on the basis of interest rates. Even you can sort out these products any other way you want. You can apply online too if you feel comfortable with the process.