Rates & Fees

This guide will provide everything you need to know about rates and fees.

In order to get one of our payday loans, you'll need to sign a contract. This agreement will contain all the information you need about the rates and fees of your loan, and it's strongly advised that you read it thoroughly before signing anything.

However, if you're still at the stage where you're just considering a payday loan, you may want to gather some general information about the rates of interest and charges which are associated with payday loans. This quick and simple guide will provide everything you need to know about rates and fees.

Rates of Interest

Since we don't carry out any credit checks and we make it as simple as possible to get one of our loans, it's no surprise that the interest rates are generally higher than other loans. Bank loans, credit cards and personal loans can be very difficult to get, and if your credit is poor, it's pretty much impossible to land yourself with some extra cash. Getting one of our payday loans means you get the cash advance you need, but the sacrifice comes in the form of a higher interest rate. For payday loans, the rate of interest generally varies between 200% and 2000%.

It's important to remember that this is the yearly interest rate, and since your payday loan will only last for around two weeks, you'll only pay a fraction of the APR (annual percentage rate). Learn more about APR:

http://www.investopedia.com/terms/a/apr.asp
https://www.bankofamerica.com/credit-cards/education/what-is-apr.go

Fees for late payments

As with many loans, if you're late making a repayment, you'll be charged for it. That's why it's definitely worth taking extra caution to make sure that the money is in your account by the day it is due to be repaid. The money will be automatically taken from your bank account - you don't have to manually repay the money. If the cash is not there when the attempt to take it is made, you will be charged a late fee. The exact amount of money may vary between lenders, so check your loan agreement if you're not sure how much you're going to be charged. Your lender will also be in touch with you to give you more information about the late penalty.

Fees for non-payments

If you cannot repay the loan at all, it's important that you get in touch with us and let us know as soon as possible. However, there may be charges for this, as well as other legal consequences if you cannot repay the loan at all even in the future. The result of non-payment of your payday loan may vary from state to state, so if you want to know more, contact your council or do some research into the laws on payday loans in your particular residence. You can also contact your lender if you are still unsure about the repercussions of a complete non-repayment.

Renewing your payday loan

If you cannot repay your payday loan by the due date which was agreed prior to taking out the loan, you may be able to renew it or get an extension. This may come with fees, and it is not always entirely possible either. Again, this is something which will be different between states, as some states have banned the renewal of payday loans. The best thing to do is to contact us or your lender and ask any questions you have about the renewal of your loan. Further details can also be found in your loan contract.

Cutting down on charges and fees

You can often cut down on interest fees if you repay the money early. By repaying the money you owe before the date it is due, you will give yourself the chance of being able to pay less fees. This is not always possible, and in many cases, it depends upon the lender you have borrowed money from. If you want to know whether you'll cut down on fees by repaying your loan early, talk to the lender to get more information. If you don't need the loan anymore, there's no point in having the cash sitting in your bank account when you could be saving some money.

Avoiding extra charges and fees

The best thing you can do when you take out a payday loan is try to avoid all extra charges and fees. You will need to pay the APR on your loan even if it is repaid on time or before the due date, but you will not be subject to any late fees or charges for missing payments. Read your loan agreement thoroughly before signing it with your e-signature and committing to taking out the cash advance. Make a note of the date on which the payday loan is due, and set up a reminder on your phone or other devices to make sure you don't forget. Remember also to deposit the money into your bank account prior to the repayment date so that the money can be taken directly by the lender.

Finally, don't borrow more money than you can realistically afford to pay back.

Just because you can borrow $1000 doesn't mean that you should. If you only need $200, only borrow $200. This will make it much easier for you to repay the money at the end of the month, and you'll be stress-free and happy knowing that you haven't had to incur any late fees or other charges.