Payday loans have helped many people in their financial downturn in United States of America. The main reason this loan is becoming more and more popular because cash money is offered within one day in the bank account. We advise all people to read privacy and terms of this loan very carefully before applying for the loan. Therefore, have a look on the interest rate and other types of information on details.
Interest Rates and Fees
First of all it is necessary to tell you that the interest rate which is charged on payday loans differ from state to state according to the state law and rule. We do not charge interest rate higher than the legal amount. It means the interest which is charged by us already defined by the state law in which you are applying.
- Generally the interest rate charged on this loan will be higher or equal to 15% to 30 %
- $100 borrowed results in 598.51% APR and $22.88 in finance charges
- In the same way if you borrow $1000 then the interest or APR will be 596.62% APR and the extra finance charges which you have to give is $225.24
- Annual Percentage Rate (APR) will around 390%
Now you have clear information about the payday loans interest rate and fees. So, you can apply for loan knowing how much amount you have to repay. Some people think that the interests of payday loan are very high. But it is because, this loan is offered instantly which take too much resource and work.
As you know, we offer payday loans which range from $100 to $1000. Therefore, you can apply for any amount which you need immediately. But always repay the loan on the given date. It will save you from paying extra fees and charges. Apart from this, if you pay payday loans amount on time then it will boost your credit history.
It does not matter you are applying for online payday loans from here or from some other loan provider companies website. The important thing is that you read loans agreement and terms very carefully. Especially focus on interest rate, rollovers involve extra fees, additional services etc.