How To Compare Payday Loans
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What Is a Payday Loan?
Payday loans are short-term loans that are often used to help people get through difficult times. It’s a form of cash advance that is intended to help you get by until the next paycheck arrives.
Despite the fact that the best payday loans are typically for small amounts, they are among the most costly loans available.
Many people take advantage of payday loans online provided by lenders (especially non-banking institutions). These businesses heavily advertise to people who are struggling to make ends meet on a monthly basis.
Why Compare Personal Loans At Financer.com?
How Does a Payday Loan Work
Most payday loans are for a few hundred dollars and must be paid back within a matter of weeks. Payday loans are generally much more costly than conventional loans.
Note: Payday loan fees are very high, ranging from $10 to $30 for every $100 borrowed. When compared to credit cards that typically have APRs of about 20% on the high end, this can equate to an APR of 400% or more.
When it comes to payday loans online, same-day payouts are quite common, which allows you to get instant approval from payday lenders.
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Get the Emergency Funds You Need
An online payday loan can help you get the money you need for emergency expenses.
Applying for a Payday Loan
Some of the best online payday loans have a straightforward application process and few conditions. They will usually check to see if you have:
- An active bank account, or a prepaid card account
- A job or other verifiable source of income
- A valid ID proving you are at least 18 years old
If you find yourself in a season of life where you need urgent funding you must make sure you are borrowing responsibly.
Payday loans are not the cheapest way to borrow money, but they can help those who need money now and those with bad credit.
The Advantages of Online Payday Loans
Find Your Payday Loan at Financer.com
Looking for payday loans near me? Financer.com helps you compare the best $1500 loans and get affordable terms and loan rates from leading U.S. lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan and take the guesswork out of doing all the legwork yourself.
Got Questions About Payday Loans? Find the Answer Here!
What interest rates can I expect?
Interest rates on payday loans are usually high as 500% APR or above and are generally more costly than fixed-term personal loans. Note: Many states have been working on passing regulations to place caps on the allowable interest rates and help out consumers that rely on these loans.
What are the repayment terms for a payday loan?
Repayment terms will vary by lender and are usually between two weeks and one month. Payday lenders frequently offer the option to roll over the loan for a fee. So, if you pay $30 for a $200 loan and then roll it over when it is due, you’ll be charged an extra $30 fee, making you owe $260.
What are the benefits of a p ayday loan?
A payday loan might be a good fit for you if:
- Bad credit is an issue
- You request fast cash in as little as 24 hours
- You can make a repay in full within a few weeks
- You don’t need a loan with a repayment plan
- You only need a small loan amount
Can I get a payday loan from a bank?
Banks have moved into the payday loan industry, most likely to earn more revenue. While traditional bank loans that require you to qualify based on your credit, income, and assets can be a better alternative, bank payday loans are no better than any other payday loan.
How does my credit score affect my application?
Generally, your credit score will not be a factor in determining whether you will be approved for a payday loan. This is why many people prefer taking out payday loans online versus borrowing through traditional lending routes. Even if you have bad credit or you have had credit problems in the past, bad credit payday loans may be still available.
How much can I borrow with a payday loan?
You can typically borrow small amounts up to $5,000, although some lenders allow you to borrow more.
How fast can I get a payout?
Payday loans are usually paid the same day, or the next business day.
How much does a payday loan cost?
Payday loans generally charge a dollar amount or percentage per $100 borrowed. Depending on your state law and the maximum amount your state allows you to borrow, this fee could range from $10 to $30 for every $100 borrowed. A fee of $15 per $100 is typical. For a two-week loan, this equates to an average percentage rate of nearly 400%. So, if you needed to borrow $300 before the next payday, it would cost you $345 to repay it, assuming a charge of $15 per $100 borrowed.
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