Guide to payday loans
Payday loans have significantly gained popularity over the years with many people opting to go for short terms loans as a solution to their financial problems. We offer you payday loans that are friendly and easy to access.
The difference between payday loans and other loans
The main difference between payday loans and other loans you can get in the financial market is the short repayment period. Other types of loans gives you long payment periods that can even extend to 30years whereas with payday loans, upon taking your payday loan, you are required to repay it within one or possibly two weeks.
Payday loans unlike other loans do not require a credit check like other types of loans. Anyone who has a stable source of income and is above 18years can just apply and easily qualify for the loan.
In general, payday loans simply act as a financial bridge to your next wage and thus, you should repay them upon receiving your next pay check. As a result of their characteristic short period of repayment, payday loans have a small credit limit and a relatively higher APR. Payday loans are designed to mostly cater for unexpected costs and just help solve problems that are short-term.
How much do payday loans cost?
Even though payday loans are known for providing financial help at a time when you might have nowhere else to turn to, these short term loans are seriously expensive. In fact, the average lender of payday loans charges no less than $20 as interest for $100 borrowed, with the repayment period generally ranging between 10 to 30 days. Other charges may be included besides the interest, such as a processing fee, though mostly not covered by most lenders like us. Even though these interest rates are high, it is still possible to get a better deal if you shop around for the lowest APR from payday loan lenders that you can possibly find on the market.
The best time to apply for payday loans
Payday loans are best used during emergency situations as they are designed to solve short term problems. A client can still use a payday loan in any situation, provided you know that you will get enough money to repay the loan when you get your next paycheck or proceeds from your business. However, it is not advisable that you keep applying for payday loans for things that are unnecessary as you might find yourself stuck in a bad financial situation more so if you used the money carelessly and paying back becomes a problem. Use payday loans only for an emergency or a sudden necessity. So, if you need money straight away to sort out an issue and you can’t wait for your employer to pay you, then you might want to consider getting financial relief from us through the internet or mobile phone.