Payday Loan Services
Payday loan services. especially those rendered online, have been enjoying greater and greater popularity over the past several years. This is because online payday lenders have simplified the process so much that borrowers don’t have to provide any documents. The whole application process requires no documents and no papers. Once the applicants don’t have to submit anything with the exception of their personal details on an application form, they are more than willing using this type of services in a crisis situation. Lack of redundant paperwork is one thing, another is the fact that borrowers may apply for a payday loan online from any part of the world and from any place they’re in. You may say that payday loans come directly to your doorstep, whether you’re on vacation in some remote country or at home.
More and more banks offer loan services online with the difference in that most banks will still conduct a credit check while payday lenders will not. If you suffer from a bad credit record, banks are likely to ask for collateral or endorsers of your loan. With payday lenders you will not have that problem but then again you can borrow only up to $1,000. Of course, some lenders will allow you two get the maximum of two payday loans taken at a time, so the total amount of two loans can be $1,500. This restriction is there in place for a reason. There is a significant difference between a payday loan and a regular personal loan. Payday loan is a short term loan that is to be repaid at your next payday, which can be only a week away. Of course, you can always get a loan on condition that you will repay it in 2-4 weeks but it’s still a short term.
In terms of cost of a loan, the difference is really small. Regular loan for thge same amount as payday loan is usually about $50 cheaper but it doesn’t put any strain on your budget because the repayment is by installment.
services are a good solution only if you have a short term money problem. You can’t make payday loans a way of life.
All materials that can be found on the Site are provided solely for informational purposes and should not be treated as replacement for neither official documents nor the advice of a qualified expert.
Our lenders may provide a loan with an APR ranging from 390% to 780%, which is based on a two-week loan. A short term loan APR represents the amount of the loan, its cost and term. For instance: If a customer decides to borrow $100 for two weeks, the lender can charge a $15 fee, which means the customer will have to repay $115 on the loan’s due date. A $15 finance charge is the cost of the $100 loan, which amounts to an APR of 391%. Loans on the lower end of the APR range may be for a larger loan amount and for a longer term. Loans on the higher end of the APR range may be for a smaller loan amount and for a shorter term.
In case of failing to pay the loan according to its terms, the lender may: charge late fees, send the customer’s account to a collection agency, report the customer’s information to a consumer reporting agency, which may have a negative affect on the customer’s credit score, offer to renew, extend or refinance the loan, which may cause the customer to incur additional fees, charges and interest.
We are not a lender. Only the lender can provide information about specific loan terms, APR and the implications for non-payment, late-payment or partial-payment of the loan. The customers are advised to inquire the lender about the current rates, charges and policies for non-payment, late-payment or partial-payment of the loan.
NOTICE: SHORT-TERM LOANS ARE AN EXPENSIVE FORM OF CREDIT AND SHOULD BE USED FOR SHORT-TERM FINANCIAL NEEDS ONLY, NOT AS A LONG-TERM FINANCIAL SOLUTION. CUSTOMERS WITH CREDIT DIFFICULTIES ARE ADVISED TO SEEK CREDIT COUNSELING OR ASK A NON-PROFIT FINANCIAL COUNSELING SERVICE IN THEIR COMMUNITY FOR HELP.
Category: Payday loans