THE A, B, C’S OF ONLINE PAYDAY LOANS

August 25, 2016

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Short term loans or payday loans are a great help when some extra cash is needed. And if that loan can be obtained through an online service, nothing could beat it. Now, let us look into some basics of an online payday loan

Amount that can be borrowed

Usually the amount that can be borrowed depends on the policies of the lender, the local regulations and also your income. However, usual cash advance loans or payday loans can range between $100 and $1000.

The cost of a payday loan

Your application and the local regulations would determine the pricing that would be charged by the lender. Each one would be different. But generally speaking, a finance charge of 15% or an APR of 391% is seen. There could also be an additional fee for extension or renewal of the loan. What we would recommend is that you can look at a couple of authorized lenders, get the details of the terms and pricing and agree for the lender who seems most beneficial to you. There is absolutely no obligation to accept the offer just because you have made an application.

Time given to repay the loan

If a fixed due date is set, then the payday loan needs to be repaid entirely on that day inclusive of any charges. However, some payday loans also have an installment arrangement. In such cases, only a percentage of the whole amount is owed on the due date which would be on a recurring basis. It could be weekly, bi weekly or monthly. Mostly payments are directly deducted from your bank account. In case you do not have a direct electronic debit facility, you can manually submit the payment too.

Have a bad credit?

There might be some of you with no credit or a bad credit situation. You can still avail a payday loan online. Applicants who have been declined by banking institutions can also approach for payday loans.

#Finance