| How will you use your money? | |
|---|---|
| *payday loans are not annual; figures provided for comparison only | |
| If you have a 14-day, $100 no fax payday loan with a $15 loan fee | you pay 391% APR* |
| If you have a $100 bounced check with $54 NSF/merchant fees to be repaid in 14 days | you pay 1,409% APR |
| If you have a $100 credit card balance with a $37 late fee to be repaid in 14 days | you pay 965% APR |
| If you have a $100 utility bill with $46 late/reconnect fees to be repaid in 14 days | you pay 1,203% APR |
About your payday loan
Most payday lenders offer loans in amounts of $100 to $1,500, with the average loan being between $300-$500. Fees are typically $15 to $30 per $100 borrowed, depending on local and state laws. Due dates for your payday loans are usually upon your next payroll deposit, but some lenders can extend that up to 45 days from the time of your loan. Installment options are also available in many cases.
Borrowing responsibly
We recommend that borrowers consider the amount of their next paycheck and determine how much they can responsibly pay back within their budget. Although most lenders allow you to “re-purchase” or renew your loan, this is not recommended, as it can lead to a cycle of loans that end up costing you much more in the long term.
The process
In our online application, we request all of the relevant identification and financial data that the lenders require to process your loan, no faxing required. This information is securely transferred to the lender who processes your loan, depositing your funds within the same business day, often within a few hours. It’s as simple as that.
Bad credit? Not a problem
Payday loans aren’t like mortgage or auto loans. They’re unsecured personal loans for small amounts for people in need of temporary financial assistance. The lenders know this, and are open to lending to people with less-than-stellar credit ratings. In most cases, loans are based on income and other signals, with no credit checks against the credit bureaus involved.
No faxing hassles
Faxless payday loans may allow many people who have internet access and a savings or checking account to instantly decrease some economic worries using always-available cash. Many types of loans require proof of identity and that usually requires faxing. Typically that is never a problem applying through us for a loan.
