Payday loan is becoming more popular, and more in demand, as the global credit crunch continues. But can the average consumer afford to use one of these short-term loans? That is a question that many people are asking right now. And rightly so, because unless they go about finding the best lender, who is interested in helping consumers, a borrower can end up paying more than they should.

If you have decided that applying for a cash advance is your best option, how should you go about it online? First, don't borrow from the first online Singapore payday loan,Singapore licensed money lender you pull up in Google, Yahoo, or your other favorite search engine. Not all payday loans are the same, and you can usually find a deal that best suits your needs. Look for lenders who are licensed in your state and limit the number of extensions or rollovers on the offer. Avoid using websites that are slim on information. These sites are generally nothing more than "landing pages" for companies that sell applications to true Internet lenders. A true online lender will have more than a few pages describing the terms and conditions of the loan, provide contact information with a telephone number, address, and often provide a "Live Chat" feature.

Although a payday loan is designed to be repaid next payday, many people find they are unable to do so and must extend the loan until their next payday. When a loan is extended or "rolled over" it generally involves another fee payment. Sometimes this interest payment is considered a fee. For example, with a $400 cash advance, you could pay a $50 fee to extend it a couple of weeks. The average borrower generally repays their loan after two weeks. The rest generally repay their loan after an additional two weeks. The payday loan is very important especially when one is able to repay the money in the shortest time possible.