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Payday Cash Loan
Anyone who has used payday cash loan services knows how fast and easy they are. The turnaround time on a payday cash loan is from one hour to one business day. When you absolutely must have cash in hand in a short amount of time, it's good to know there are businesses out there who cater to this need. The payday cash loan industry is there when you need emergency cash and have nowhere else to turn.
A Payday Cash Loan for People with Bad Credit
Why does the payday cash loan industry make short term loans to customers who have no assets and bad credit? After all, payday cash loan borrowers are typically deemed to be bad risks. They have no savings, no collateral, and bad credit. There's really no assurance that payday cash loan borrowers will pay back the loan at all. But most of them do. And they all have urgent needs for quick emergency cash. With a strong demand for micro loans to borrowers with no assets, the payday cash loan industry grew to fill the gap left by traditional banks.
A Payday Cash Loan for Underserved Customers
And payday cash loan customers are willing to pay the fee because they know that traditional banks won't serve them. They know the better your credit, the better your loan terms. With bad credit, your terms will not be optimal. With no collateral, your terms will not be as good as terms of a borrower with stellar credit. But the terms are not unreasonable for a payday cash loan. Millions of people have made the choice.
The Payday Cash Loan OptionThe payday cash loan offers customers an option when they need cash fast. Borrowers know the terms and the associated fees up front. If they have questions, they can call a toll-free number and ask. Let's take a look at the fees. For a payday cash loan of $100, it costs on average a $15 fee for the loan. That's it, assuming the loan is paid back on time. Let's say for argument's sake the fee on a payday cash loan is on the higher end, at $40 per $100. It's a fee, not an interest rate, but if you calculate what the APR would be on that loan it would be 390%. That's high! But when you compare it to other merchant fees, you see things differently.
Let's Take a Look at Payday Cash Loan Fees
Let's say I bounce a check for $100, the same amount of the loan. I will get a NSF fee from my bank for $25 (or higher). The APR is 650%.
Or let's say I don't pay my credit card company on time. They will charge at the least $28. The APR on that is an unbelievable 728%.
But since ATM and NSF and credit card fees are called fees, not loans, people don't often make this comparison. The fees on a payday cash loan are inappropriately viewed as APRs because the product is called a loan. It's not interest, because a payday cash loan doesn't charge interest unless you default on the loan. It's a fee, a set fee that you know of in advance.
Your Next Paycheck Will Pay Back
your Payday Cash Loan
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