Payday Loans - Things to Know
When you are in a bind and need cash there could be many causes. Emergency car repairs, your child is sick and needs to go to a doctor, your phone or electric bill is higher than you expected and is due now, your credit card got cancelled when you paid it off and you need access to some of that money now, and so many more tough situations.
So, how much can you borrow and when do you pay it back?
Normally you can borrow up to $1,000 on a payday loan but most cash advance payday loans are for $500 or less. Have bad credit? You can get bad credit payday loans in the same amounts… credit is not a real factor with these types of loans. You pay back your loan when you get your next paycheck. But, depending on when you get the loan the date of the payback will vary, ask your lender. They will explain the exact due date, the fees associated with your loan and answer any other questions you may have.
How much are the fees or interest? This will vary depending on several factors. Payday loan lenders rates and fees may vary. Many people refer to APR or annual percentage rates. But, cash advance payday loans are not meant to be annual loans so APR is not normally applicable. If you did roll over your loan then the APR rates can equal from 200-400% or more. Never take a bad credit payday loan if you do not intend to pay it back on the terms you agreed to with the lender. The extra fees will be costly.
Here are some things you should know before you get your cash advance payday loan:
- Make sure you know what your fees are for the loan
- Make sure you know what penalties and interest you will be charged if you are late in paying your loan
- Make sure you know if you can ‘rollover’ the loan. Some states do not allow this.
- Make sure you understand the terms of your loan
- Make sure you only borrow what you need
- Make sure you will be able to pay back your loan as agreed upon
- Read any agreement before you sign off on it
- Ask questions if there is ANYTHING you do not understand, professional lenders are there to help you and will not resist answering your questions. There are no stupid questions.
- Use an online service to find your lender because they often charge less than a ‘bricks and mortar’ store with lots of overhead expenses
Don't panic, there is a solution to help you in these tough times even if you need a bad credit payday loan.