As you will know, all focus is turning online with companies that offer payday loans. Many businesses are trying to provide their consumers with something new – that edge which incentivises them to choose their payday loan lender instead of a different one. In this article, we are going to look at some of the best new features which are on these websites.

One of the main fears which some people have when they are taking out such a loan is that they will not be able to repay everything that they have in one payment. As such, some companies are now taking the opportunity to allow their borrowers to repay the money that they owe over two paydays instead of one – breaking down the financial impact that such an amount could have on a bank account.

Also, some payday loans are also offering their consumers the opportunity to get preferential interest rates as they borrow more and more with the company. Should a person demonstrate that they are a responsible borrower who pays on time when money is due, their interest rates could be reduced in order to show how the company appreciates their timeliness. Obviously, this can give the borrower incentive to repay promptly and a much cheaper experience that they would receive through their counterparts.

Some companies understand that circumstances can change, and now there can be the chance to manage everything that is pertaining to the payday loan through an online account where they will register with the website. Here, they can extend the period of their borrowing over time if they require for as many as five months if this is needed.

This is not the only feature which payday loan companies are introducing to make the experience of the consumer more rewarding. For example, some businesses are now trying their best to introduce new ways that the customer can contact support staff. In addition to freephone numbers (something which is becoming popular due to the grievances of premium rates), there can be some ‘live chat services where a potential client can instant message one of the representatives from the company themselves.

There are now some websites which are offering you the chance to borrow more money: as much as £1,500 in some circumstances. Of course, the money which you are offered is pivotal on your past credit and you might not be able to get this maximum amount if you have missed or defaulted on payments in the past.

As you might have also already seen through the advertising which is on these websites, there can also be a chance for you to get the money on the same day if you begin the process of application earlier on in the working day. Some websites have a deadline of around 2.30pm or 3.30pm for those who need money that very day. It could be said that all of this is the payday loan sector trying to adapt around their clientele.