$100 - $1000 Payday Loans are an easy and quick sollution when you need urgent cash. Direct lenders quarantee an instant decision as soon as you apply. They approve most candidates even those with bad credit. Requirements are simple. No guarantor or collateral are needed. Learn how the borrowing process works and how to find the cheapest loan from a reliable lender.

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Payday Loans - What it is? What it’s not!

A payday loan is a short-term loan going for about $500 less or more designed to help people bridge financial gaps between paydays. It’s charged with a percentage rate fee for the service and has a repayment period of 4 to 1 week which is until your next pay day.

A pay day loan is not a cash handout designed to bail anyone from situations without them having to be responsible. Neither is it a financial system designed to doge the traditional loan system that demands a lot more procedure. Lending process normally includes keeping a good credit score in order to deserve an advance on financial assistance. This is typically what someone with minimum wage can afford. And they don’t have to put their entire properties on mortgage as well as worry about the progress of their credit scores that might not be in a good look to attain a traditional loan for them.

How Payday Loans work?

There are one too many names for this kind of credit — payday loans, cash advance loans, check advance loans or post-dated check loans — which can be gotten from a variety of sources. Whether you are walking down the street and searching for payday stores near me on google maps or applying online, the process is basically the same:

  • you provide some personal and financial information,
  • request a loan for a certain amount in the dollar currency which can be secured by check or bank account debit authorization,
  • the lender calculates a fee which has to be paid for the loan obtained,
  • you receive the cash or it is deposited in your bank account,
  • at receiving the payday loan, the cheque signed over that includes the principal sum plus the fee charged over to the lender which they will cash out when you are ready to settle the debit.

Are there any other ways to pay off the loan?

Of course Payday Loans have some flexibility attached to them:

  • you might want to clear the debit with cash - this is also possible by returning the sum borrowed and by so doing redeeming the cheque;
  • let’s say you have experienced setbacks and are not able to clear the loan on its due date, it is possible to clear the interest fee and push the loan over to another pay period.
Must know!
Easy right, no one asked you about the background of your credit. However, the lenders are only able to give out loans to only those who are capable of paying back the principal sum and charged fee.

PayDay Loan Calculator

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Select the amount for the loan you want in order to get the principal, which is the basis that we use to calculate the interest and the total cost of the cash advance.
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The number of days within that you will be ready to repay the loan. It’s used to count the total cost of cash advance by multiplying the days by the amount of interest.
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To calculate the total cost of your loan, we take the minimal average APR legal in all States, which is 36%. This figure is only a representative, providing you with general information on how much the loan may cost. To find out a more accurate total, fill in the Annual Percentage Rate required by the lender you want to apply to.
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It’s the money charged by the lender for doing all the necessary paper work, bank transactions, etc., connected with lending you the money.
$ Your loan
+ $ Your fee
= $ Total Cost*

* Total Cost - The sum of money you are to pay off within the term you’ve chosen if you borrow the stated above amount for the average (or required by your lender) APR.

All the calculations are provided as guides only. They don’t guarantee 100% the same cost you are going to be charged but they do help you understand the overpay much better. Unless you change the APR, the calculations will be based on the average or lowest rate represented by most lenders for each loan type. You’ll find the accurate interest rate as well as the real cost of your cash advance after you get approved before you sign the agreement. It will depend on many factors including the amount, the term of the loan, your credit score and the lender’s conditions. Interest rates are not fixed figures and are subject to change at any time. As soon as you fill out an application and get approved all the details concerning the rates and terms will be sent to you.

Who needs a Payday Loan?

  • Given a scenario you get into an accident you lose one of your head lamps and the insurance company will not come to your rescue soonest. To avoid being pulled over by the police you need to fix your light as soon as possible.
  • You have a bad credit score for so many unrelated reasons and need cash urgently but the pay check is days away. Then Christmas just came early.

All you need to do is look for a payday store near you. Are you in a remote area? Get online, follow the procedures, secure your loan and get moving.

What should you know taking out a Payday Loan?

  • It is possible for some payday lenders to offer long-term payday instalments which can be withdrawn periodically with the borrower’s consent from their bank account typically due on each pay date.
  • Payday loans have minimum of $100 and maximum always depends on the state legal maximums.
  • On average loan term is about two weeks.
  • Loans typically cost 400% annual interest (APR) or more.
  • The finance charge ranges from $15 to $30 to borrow $100.
  • For two-week loans, these finance charges result in interest rates from 390 to 780% APR. Shorter term loans have even higher APRs.
  • Rates are higher in states that do not cap the maximum cost.

So be attentive, borrow carefully, compare the lenders, their fees and terms before signing an agreement.

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