Payday advance cash
Does Credit Matter? Bad Credit or No Credit OK!
APR: For payday loans, cash advances, short-term installment loans and similar loan products, the APR can effectively be expressed in a range between 547.5% to 999.45%, based on the length of the loan and the principal amount. However, this can vary, as lower effective APR rates will result from loans for larger principal amounts but shorter terms. Such loans, however, have a term of usually two weeks; the shorter term results in fees involved with the loan adding up to much higher interest. That said, other areas of consumer finance yield similar figures when annualized. For instance, a $32 returned check fee for a $100 check over a similar two-week term is 2,336% interest.
The fees for a cash advance or short term loan usually range from $15 to $40 per every $100 in loan principal up to $500. Loans for more than $500 typically have lower fees. Short term payday loans are not meant to carry on for long periods of time.
Collection Practices for Cash Advance Loans
Attempts at collection on delinquent loans will initially be made internally, usually by phone, to reach an arrangement for repayment that takes the ability of the borrower to repay into consideration. However, the loan may be sent to an outside collection agency if internal attempts to collect the funds lent in good faith are not recovered.
Impacts on Credit Scores:
Cash advance, short term or payday loan lenders may rely on Equifax, Experian or Transunion (the three (3) main credit rating bureaus) scores. Borrowers should not necessarily be concerned about the score impacting their ability to secure a loan, but loan determinations are the sole province of the loan lender(s). That may entail the lender(s) submitting, along with other information, the request for the loan, payment(s) of the loan, etc. to these agencies. Lenders may have their own scoring criterion, which is often based
on the ability to repay and income of the borrower, as well as previous payment history concerning previous payday or other loan types made by the lender in question or other similar lenders.
Terms of Cash Advance Loans
Typical principal amounts for paycheck advance loans available through our online lending application process are between $100 and $1,000, with fees between $15 to $30 per $100 lent. Fees can vary depending on the state the borrower lives in and other circumstances, however. The typical term is two (2) to four (4) weeks. The principal, plus fees, must be paid back in full at the end of the term. However, if a borrower is unable to pay back the entire sum, or wishes to make more than one payment, installment payment options are available – see Installment Loans for more information.
Advances over Bank Loans
Bank loans need security and/or collateral, which is why banks lend so much for cars and homes – property can be repossessed to repay the obligation. A cash advance doesn’t require security of anything tangible, besides the implicit and explicit promise to repay. This createsВ the advantage of being able to secure the funding you need in case of an emergency, without a lengthy wait time. Bankruptcy also doesn’t necessarily impact your ability to get a loan.
Be A Wise Borrower
A cash advance, payday loan or short term installment loan is not meant to be a long-term solution, but a short term fix for temporary shortfalls. A wise borrower doesn’t take out more than they can repay responsibly as soon as possible. However, those borrowers who need an advance on their next paycheck and have a sudden expense they need to cover can get their funds deposited in much faster time than it would take to get funds from a bank. Apply today, and you may receive a loan approval decision in a matter of hours from one of our lending partners.Source: personalmoneynetwork.com
Category: Payday loans