What Are Payday Loan Rates?
Every payday loan has a payday loan rate that varies from lender to lender. These rates are what allow payday lenders to make a profit. These rates tend to be high for two reasons; so that the lenders make a profit and it gives lenders more security in the case that the loan is not paid back since it is an unsecured loan. Payday loans are typically paid back in a two week time period which means that these payday loan rates do not usually amount to that much as long as they are paid back on time. Using a loan rate calculator can frequently help you ti find the best payday loan rate when looking for a lender to choose. Knowing this rate before you agree to the contract is crucial because you will not only have to pay back the full loan amount, but you must be able to afford this rate as well. Traditional lenders such as banks will charge anywhere from 7 to 30 percent on a loan and vary due to the borrowers credit. The riskier the borrower, the higher the rate. However, with payday loans these rates are not based on your credit, since lenders do not inquire to see your credit report. If you do not payback your payday loan on time, you may be subject to doubled payday loan rates and the interest rate on the loan continues to increase as time goes on. Therefore, it is important to be sure that you can pay back your payday loan on time. The payday loan rate is not the only factor that goes into choosing a payday loan lender but it is definitely a deciding factor. There are many lenders who offer competitive rates. Even though these rates may be slightly higher than you would normally pay, they usually end up being less expensive than bouncing checks, late fees and non sufficient funds fees.Fill in the online loan application
We will be able to give you access of up to $500 and your credit does not mean a thing to us. You will receive instant approval with an active bank account, a steady job and proof of your age. You must be 18 or older to qualify. Learn more about payday loans on our site before applying.
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