Payday loans would always have higher rates of interest than traditional loans from banks. Even if you were to apply for secured short term loans from private lenders or nonbanking financial institutions, you would be paying substantially less interest compared to what payday loans will carry. This makes the rate of interest the most decisive factor for borrowers, just as the income of applicants is the most important criterion for lenders. Your application for payday loans through Cash Carrot would lead you to many lenders and you will have several quotes to consider. It is natural for any applicant or borrower to gravitate towards the quote with the least interest rate. You should not do so if the loan amount is unacceptably less. Some lenders may offer you less money than what you need.
Many lenders will offer you reasonable rates of interest if you choose very little loan amounts. The interest levied on a hundred quid could be less than what is propositioned for a loan amount of a thousand quid. If you need five hundred, for instance, and you have a lender offering two hundred at a substantial lower rate of interest compared to others, then you should not consider such a proposition. The only time you should accept such an offer is if you can make do with the two hundred. It is futile to accept one loan and not be able to meet the pressing financial commitment. You would still look for another way to raise some money and this may lead you to a debt anyway.
Your minimum needs should be satiated by payday loans. If you do not get a particularly reasonable rate of interest from any of the lenders for the amount you seek, then you must choose the lowest available rate for the required loan amount.