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If you have no credit or even if you have bad credit, today the task of securing an online payday loan has been made easier than it has ever been before. In fact all you really need is a bank account and a "verifiable" source of income that's at least $250 per week after all the deductions have been taken out of your check and it's pretty much a given that you probably qualify. Even so, there are some common mistakes that are regularly made by borrowers that drive up the cost.

For sure one mistake that can leave you holding the bag for a "huge chunk of money", including late fees, is surprisingly easy to make so it's more common than it should be. That mistake is taking out a loan as a favor for someone else, under the promise that they'll pay the loan off when it comes due. It's usually a relative or some sort of friend but all too often in spite of their promise when it's time to pay they're nowhere in sight.

Then another all too common blunder, is borrowers in too much of a rush to read the fine print on the loan contract provided by the site. You see, the problem here for too many people with no credit and bad credit is that they are just happy to find someone who will lend them the money, so they forgo a lot of these necessary details. What they don't know though, is that there's a lot of sites out there that will also lend, so make sure that you read and understand everything on the contract before you sign.

Then mistake number three that pushes up the cost of far too many payday loans, is not having the money available in your bank account when the loan comes due, and the lender goes to retrieve it. This in turn leads to late fees, and for some people it's a bigger problem than others. Folks who get hit with "multiple late fees" that can really work to balloon up the final bill on a payday loan. So simply avoid them by making sure you have the money in your account.

Then if you really want to see some huge financial penalties, and even do some that jail time than make mistake number four here. That is to provides "altered or fake documents" to the lender as part of the application process. It's a felony known as loan fraud, and there are people sitting in prison for doing just that right now. Don't make the mistake either of thinking that simply because you're taking out a small loan it doesn't matter because it does.

In the end though, if you truly have your sights set on the "absolute cheapest" online payday loan possible than you should for sure check out "free loans" because they're out there. These are one-time only promotional gimmicks that more sites are offering now, and by the way the money isn't free, so you have to pay that back. The word "free" comes from the fact that there are no loan fees involved, other than late payment penalties if you are in fact laid.