London, UK -- (SBWIRE) -- 11/12/2013 -- Payday loans often have a bad reputation in financial circles due to the fees attached to their services. However, the common response from payday loan representatives is their rates are cheaper than the bounced check fees of banks. According to a recent survey, consumers stated they utilize payday loans because they feel banks aren't interested in the small dollar loan customer. With this in mind, Which Way to Pay Canada spokesperson Mark Maffia says his website offers an online independent review of payday loans for consumers to compare the various payday loan options in the area.

Says Maffia, "We are under no illusion that payday loans are the best option in all cases. However, for some, they are the only option. If you are getting a payday loan then there are a few things you should consider in order to keep payments down. First of all, consider exactly how much you need to borrow and keep it to a minimum. The more you borrow the more you will have to pay back."

Maffia continues, saying, "Consumers should compare different companies and look at how much the loan will cost over the allotted period of time. Make sure there are no extra fees to take into consideration. It is also really important to make sure that you pay the loan back on time as there are often penalty charges for late payment. Defaulting on a payday loan can also affect your credit rating negatively. If you do take out a loan, make sure you read the terms and conditions for the payday loan thoroughly in order to make sure that you do not receive any surprises. Payday loans are a financial product and it is important to take them seriously."

Maffia says his website offers more info for the consumer to compare the various companies and their offerings. "Payday loans can be the right choice if you've been lumped with a bill out of the blue or an emergency has come up. But, even in an emergency situation, the borrower should compare the options, finding the best loan company for the situation. You should never take out a payday loan it you can’t afford to repay it. This is because if you fail to meet the loan agreement, the lender might charge you the interest that month and roll the debt over to the next one, but then you would pay the interest again. This could become very expensive fast. Make sure you compare different payday loans to find the best loan for you."

About Which Way To Pay Canada
Which Way To Pay Canada offers online independent and unbiased reviews, comparisons, information and general advice articles on a wide range of financial products. With Which Way To Pay Canada consumers can compare currency exchange brokerages, money transfer firms, payment cards, loans, insurance, credit reference agencies and much more.