Rates And Fees:
In order to help you overcome your short-term financial issues, our website will connect you to a lender who can give you a payday loan.
When you sign the loan agreement from the lender, you will be agreeing to the terms and conditions of the loan, including any fees which you are liable to pay. You should fully understand the rates and fees before taking out the loan, since this will help you to avoid any unexpected charges. Lenders will never charge you for things which you don't know about, and all fees and charges will be clearly shown in your loan agreement.
Rates of interest
All loans have an interest rate, and payday loans are no different. Since the lenders don't ask for collateral and don't even necessarily require a good credit score from you in many cases, it's understandable that the interest rates of payday loans are higher than bank loans and credit cards. Payday loans are much simpler and easier to get, but they do come at a slightly higher price.
The APR is the annual percentage rate which you will pay for your loan. This is normally between 260% and 1825%. The rate of interest will vary according to each individual lender, so the rate for one lender might not be the same for another. If you've borrowed a loan and then you take out another the next month, there is no guarantee that you will get the same rate of interest. Not only does it vary between lenders, but it may be constantly changing due to the economy and inflation.
It's also important to remember that the annual percentage rate is calculated based on if you had the loan for a year. However, payday loans only last around two weeks. If you don't understand how APR works and how it is calculated, it's definitely worth doing some research to fully understand what is going to happen with your loan and the interest that you pay.
As with all loans, once a date is agreed on, you're expected to repay the money you've borrowed on or before that date. If you borrow a payday loan but don't repay the cash on time, there will be late charges. The amount you will have to pay will again vary depending on the lender and the loan which you have taken out. The best way to find out exactly what will happen if you pay back your loan later than the agreed date is to consult your loan agreement and read it there. If you know that you are going to be late paying back the loan, it's important that you contact your lender first in order to let them know. They can then look into extending your loan for you.
Charges for non-payment
We know that your finances are often unpredictable, and sometimes you may not be able to pay back the money you've borrowed from the lender. As soon as you realize that you won't be able to pay back the loan on time, you should contact your lender immediately. They will then be able to talk you through the options regarding your loan. As mentioned previously, an extension or renewal is not always possible. Not all lenders are prepared to renew your loan, and in some states of America, it is against the law to renew a payday loan.
In order to learn more about any charges which you may incur as a result of non-payment of your loan, you should read the loan terms for more specific information. If you have any questions generally about the loan, contact us with your queries. However, if you have questions which are very specific to your loan, get in touch with your lender who will be able to help you with more information.
Avoiding loan charges
You cannot avoid interest fees when you borrow a payday loan, but you can avoid paying penalties for not paying your loan back on time. In order to avoid paying extra fees, you should make sure that your repayment amount is the number one priority when you get your pay check at the end of the month. Put the full amount into your bank account so that it is ready for the lender to take when the due date comes around. As long as the money is there, it will be taken and you will avoid paying any extra charges.
Saving money on fees
If you want to save a little bit of extra money on fees and charges, you can pay back your loan early and in full. We cannot always guarantee that you will be able to avoid paying some of the fees associated with your loan, but it's worth asking your lender if you do want to pay back your loan early. You should be aware that sometimes the lender may not be able to waive any of the fees at all, but if you are considering paying back your loan early, it's worth asking.
If you've already received the money but you decide that you don't want the loan anymore, don't wait until the due date to pay it all back. You could save some money by repaying your loan straight away rather than waiting a couple of weeks. Again, we cannot guarantee that you won't have to pay some of the fees, but you might be able to avoid paying a small amount.
When you're in financial trouble, every little helps, and we'll give you as much information as possible to help you along.