Before you start that application, ask these questions to help you compare lenders.

How Soon Will You See Your ?Fast? Money?

Fast cash is the most common claim of online payday loan lenders. But the definition of fast can range from hours to days. With most lenders you can check their website to find out how soon you can expect your money.

With many lenders, funds will be wired overnight once your application has been approved. In some cases, funds are only processed during business hours, so expect additional delays with these companies during weekends and holidays.

Also be prepared for unexpected delays in your application. Most no fax payday lenders use databases to verify your information. If there is a glitch, the information will have to be confirmed over the phone.

What About Those Fees?

Unlike other types of credit, cash advance loans charge a flat fee rather than an interest rate. But cash advance lenders also post an annual percentage rate (APR), which is required by federal law.

The point of an APR is to help you compare the cost of different types of credit. You can request this from lenders before applying or sometimes find it on their website.

The other way to compare costs is to ask about the actual fee amount for the loan. This is also disclosed with the APR. Be sure to note if there are any application or other fees included.

When Is Payment Due?

Online lenders will automatically withdraw your payment from your account on your payday. Some lenders will only deduct the finance fee; others will take the whole amount.

Ideally, you want to pay the entire amount to save on future fees. During your application process, you have the option of setting up your payment structure. You can also make changes before your loan payment is due.