Advance Payday Loan Online
It is really a theoretical figure than enables people to compare similar longer term loan products like mortgages or ongoing credit balances. Rather than relying on the APR rate it is more advisable to look directly at the loan agreement to see exactly how much interest you will be charged for the period of your payday loan. Some companies have a standard interest charge for the amount you wish to borrow regardless of the duration of the loan. It is then up to you to decide whether you will be able to repay both the cash advance you receive initially and the interest amount on the repayment date. Payday loans are the fastest and most convenient option for getting a cash advance for emergencies before your next payday. However getting payday loans and their repayments involve certain important aspects.
Your job is your assurance that you will be able to repay the loan. It is expected that you will be receiving a paycheck and therefore the money to cover the loan. Good credit isnt necessary or even required for the payday loan to be approved. The lending institution only wants to see that you are employed and have a steady income. In essence your job is your collateral Getting a payday loan is actually a simple procedure. You apply and if approved sign paperwork that indicates your promise to repay the loan on the lenders terms. Be sure to take the time to carefully read the terms of the loan and do not be afraid to ask questions about what those terms mean. Often these kinds of contracts are written in a legalized financial jargon that is not easily understood by the average consumer. BORROWER BEWARE! If you feel the lenders representative is not able to fully answer your questions please say so! If the terms of the loan are not clear to you do not take the loan until you fully understand them.
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With payday loans there is a fixed rate fee calculated into repayment on each loan disbursed. The average rate is $15.00 to $20.00 dollars per $100.00 dollars borrowed. Due to the nature of the quick turn-around time of payday loans the annual percentage rate or (APR) is generally very high. It is not uncommon for the (APR) to be 100% 200% or even as high as 400% in some cases. If a borrower is unable to repay a loan at the scheduled time the lending institution may agree to rollover the loan allowing more time for repayment. The drawback to rolling a loan over is that additional fees are added to your account. For example if the fee to borrow $100.00 is $15.00 and the borrower rolled over the loan three times then the new fee would be $60.00. That is the original $15.00 fee plus three times that fee itself added to each $100.00 borrowed. WHAT ARE THE REQUIREMENTS FOR A PAYDAY LOAN? Generally the only major requirement for a payday loan is that you have a job.
One thing that I did was to become an affiliate for payday loan companies so that I could get paid from other people acquiring payday loans. Some people are just going to get them so there is no reason why you shouldnt get paid from the process that made you pay so much. The second thing I did is what really helped me which was to get a payday loan consolidation company to take on my debt at a reduced amount and pay the payday loans back for me on my behalf. It was one of the best choices I ever made and it was a way out of the payday loan web. You can do a Google search to find companies that will represent you in this way but do your research and make sure that the company you choose is credible. I used pdl assistance inc. They require an upfront fee to take your case but they will work with you on paying it and it is around $200.