The stiff competition amongst the lending companies is causing a price war that leads to a drop in interest rates of payday loans. This is further complicated by the offerings of cheap payday loans online where consumers have the convenience of browsing and choosing their preferred loan deal anytime from anywhere. More lending companies are using the Internet to get an extra edge over their competition in their loan deals. The Internet is a cheap platform to showcase the lenders' loan offerings with easy application and processing. There is no service fee as there is no personnel servicing the customer who applies for a payday loan online. The online payday loan is cheaper than normal payday loan as a lot of cost is cut off with the computer handling most of the processes. The process is faster and the loan amount is automatically deposited into the borrower's bank account if the online loan is approved.
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