Getting payday loans means getting cash quickly, solving a short-term financial problem, paying back the loan in a couple of weeks and getting on with life. Borrowers who understand this know that if you have an expense that hits at the wrong time, payday loans are the best way to stay out of hot water, keep a credit report intact and avoid future financial hardship. No one needs to take on long-term debt because of a short-term lack of liquid cash.
* Short-term lending may take into account your credit worthiness based in part on information obtained from your credit report.
Personal Loan APRs compared to other fees
|$32 fee on $100 bounced check||2,336%|
|$37 late fee for $100 credit card balance||965%|
|$46 reconnect/late fee for $100 utility bill||1,203%|
|$15 loan fee for $100 short term personal loan||391%|
Applying for personal loans with direct lenders
You can have funds deposited directly into your bank account with our online lender matching service. We can match you with lenders who compete against each other to give you the highest loan amount and the best deal. In as little as three minutes you can apply for a loan from a computer, iPhone or Android phone. You could have your cash deposited into your checking account so get started now.
With our easy application process and the ability of our lenders to quickly deposit funds to your checking or savings account, it is easy to get money for any type of emergency or short term financial problem. If you are in need of extra cash today, you can apply right now. Personal Money Network encourages the responsible use of personal loans, installment loans and especially payday loans along with any other form of credit. You should only turn to a short term personal loan or cash advance as a last resort, and be certain you can afford to pay back your loan and fees on your next payday.
APR: The equivalent annualized percentage rate for payday loans and other short-term installment loans ranges from 547.5% to 999.45%, based on the amount and the length of the loan. Larger loans with longer payback periods have lower interest rates. While this sounds large, one must consider that these loans are only meant to be for a very small time-frame, usually 2 weeks. Annualizing other fees in the same manner results in APR of 2336% for a returned check fee of $32 against a $100 check, a 965% fee against a $37 credit card late fee or over the limit fee, or a 1203% APR for a typical $46 reconnect fee by a utility company.
Financial Implications: Short term payday loans are meant to be just that: Short term. Typical fees range from $15 to $40 for every $100 borrowed up to $500.00. Fees per $100 begin dropping on loans larger than $500.00. Fees are typically less than what borrowers can expect to pay for bouncing a check, having a utility disconnected, or paying a credit card bill late.
Collection Practices: If a loan becomes delinquent, attempts at collections are first conducted internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower. If, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith.
Credit Score Impacts: Short term, payday loan lenders may rely on a credit reporting agency, and are not limited to any of the three (3) major rating agencies – Equifax, Experian, or Transunion. Generally, the borrower doesn’t have to bear concern that their score may be affected by having the loan request determined by results from these agencies, however, such determination is solely in the discretion of the payday loan lender(s), which may result in the lender(s) submitting, among other things, the borrower’s request for the loan, or the subsequent payment(s) under the loan to any of these agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.