Every Day 08:00am-05:30pm EST

855-889-0999

1800 Payday Loans: Understanding the Cost of Payday Loans

1800 Payday Loans: Understanding the Cost of Payday Loans

I will admit: I, as a loan rookie, thought that payday loans attract insurmountable interest rates and surcharges. Of course, garnering an unsecured loan within a short notice can be an arduous task. That isn’t surprising - getting a loan involves a gruelling process that includes credit checks, scrutiny, and a plethora of forms. The good news is that payday loan lenders have taken the hassle out of getting a fast and convenient cash advance. All you need is a running checking account and a job. Nothing else.
Advantages of Payday Loans?
In layman terms, payday loans or “cash advance loans” are smallish, unsecured cash advances that are best-tailored to cater to individuals with emergency financial needs. Despite myriad criticism towards payday loans, they boast many unmatched benefits.
For one, they are a quick resource of emergency funds. No other credit facility guarantees faster turnaround than paycheck loans. Since you can pay your bills with the loan on time, it saves some money in the long haul. Plus, it offers utmost privacy and independence. With 1800 payday loans, you don’t have to undergo an awkward situation of having to borrow from friends, relatives or colleagues.
That isn’t all: acquiring 1800 payday loans doesn’t call for credit checks. Even better, getting the loan won’t affect your credit score. Also, cash advance loans’ processing take less than 20 minutes of your time. The funds are typically deposited to your account in the next business day.
The Cost of Payday Loans
The principles behind 1800 payday loans are plain and straightforward. But understanding what this loan will cost you is a decent shot. Not only do you need to know the exact amount you have to pay back but also have a succinct snapshot of the fees and interests associated with your account.
Interest Rates
Not all cash advance loan lenders are created equal. Interest rates related to the loan vary from lender to lender. When you need a loan to tide over until the next paycheck, you need to garner the best loan rate on offer. Payday loan interest represents the fixed amount that you have to pay after completing your loan repayment.
Typically, most lenders charge between $15 and $30 for $100 of cash advance. Make sure that the company spells out in cents and dollars your loan interest - without any ambiguity. In all, go for a company that offers the lowest APR. In practice, many lenders offer a bit by bit breakdown for every $100 increment.
Example: If the APR is 20%, you will pay back $120 for $100 of cash advance. That is $100 principal plus $20 interest.
Can the Cost be Cheaper?

Late repayment can sure lead to a raft of financial problems - from late fees to surcharges. One way to dial down the cost is going to a lender with the lowest interest rate. Avoid companies that leverage hidden charges on your account.
 1800 payday loans

Apply Now!

You agree to Privacy Policy and Disclaimer by completing this form and submitting your information

Representative APR 391%. Average APR for this type of loans is 391%. Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

Calculate APR Rules in Your State Alternatives to Payday Loan For Military Consumers