What is a Pay Day Loan? Pay Day Loan or better known as cash in advance is a short term loan generally ranging from $100 to $1,000 due on you next payday. Everybody needs an emergency credit every once in a while let´s say to buy a gift or to cover unexpected emergencies, this type of loan provides the borrower a fast financial relief. Pay Day loan is totally the opposite to long term financial solutions where you can pay the money borrowed on installments or break it down on payments for a longer period of time, our suggestion is to paid it off on your next payday.
The Representative Annual Percentage Rate (APR) is 391%: The average APR for Pay Day loans is 391%. Let me give you an example let´s say that you want to take a loan of $100 for a two weeks period. The Moneylender can charge you $15 for accepting a loan of $100.00 for these two weeks. You will need to pay back $115 to the money lender once the 2 weeks period is over. The finance charge of the $100 loan is $15 and an APR of 391%. If you take the decision to extend the loan for another two weeks, the pay day loan lender can charge you another $15.00. If you roll-over the loan three times, the finance charge would increase to $60.00 to borrow the $100.
What happens if you don´t pay your pay day loan? Some money lenders in The Pay Day Loan network may automatically apply a roll over to your existing loan for another two weeks if you don´t pay them back on time. The Fees for breathtaking the loan varies from lender to lender. Most of the time these fees are the same as the fees you paid to get the initial loan. We advice the borrowers to pay on time since Pay Day Loans are short term loans and also ask the money lenders within the network to be subsequent with legal and ethical collection practices set by Financial industry associations and Government entities. The Non-payment of a payday loan might negatively impact your credit record.
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