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All lenders and financial institutions have formal and strict regulations they must follow in order to continue operating within the financial industry. Payday lenders are part of this group and they must adhere to the same regulations too. These rules are there to protect the consumer and ensure the lenders are operating fair lending practises.

Unfortunately not all lenders offering short term payday loans are meeting these standards, or following the regulations. Be very aware of which lender you choose if you decide to apply for a payday loan.

Unscrupulous lenders are not easy to spot. They also have very cleverly designed websites and online applications so you need to really look into their reputation and check all the small print in their terms and conditions before you commit to borrowing anything.

Sadly there are still hundreds, possibly even thousands of people who fall prey to these less than honest lenders. They surprise borrowers with hidden fees, apply extortionate interest rates and harass the borrowers, even after the loans are repaid.

Spending time looking online for information, customer reviews, speaking to the customer services teams of lenders, and asking questions about their loans, will help you identify the best lenders with the highest reputation.

Once you have identified two or three good lenders you will be able to narrow it down to the best option for you with no trouble. All you have to do is compare the fees and interest rates, look at their lending criteria and figure out which loan best suits your needs.