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Advantages Of Online Payday Loans

– Online payday cash advances are the quickest way of getting instant cash in emergency situations. These loans have become so

popular because of their easy and quick availability. After applying for the online payday advance, within a couple of hours you get

the loan approval. And if all goes well, you can get your funds in a few hours. These loans provide a hassle free and secure way of

getting instant cash.

– If you want to apply for the conventional loan, think about standing in a long queue for hours. At the end of the long wait, the

institution would still not accept the application because of some missing documents. Internet payday cash advances can be applied

for even while sitting at home, and there are no prior requirements of any kind of document verifications. Faxless payday loans do

not ask to fax or submit any documents. You just need to provide honest information about yourself in the online application form.

– Though interest rates are much higher compared to traditional loans, if you compare the quickness and ease with which online

Payday Loans are given, the charges are justified. And if you payback the full loan on time then you can easily avoid the debt trap.

– You may have low credit or bad credit, and still want a loan. The traditional loan companies would not grant you a loan but payday

cash advances do not require any credit checks. They just need you to have a regular monthly income and a bank account.

Faxless payday loans provide help at the right time when you need it the most, go for one today to solve your urgent cash needs.

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Mogo’s 20 Seconds of Senseless Pain – Payday Loan Alternative

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Mogo’s 20 Seconds of Senseless Pain – Payday Loan Alternative Stop the pain of over spending. Borrow up to $1500 instantly for 30 days. Twice as long, half the price of any payday loan. Apply now! www.mogomoney.com Mogo offers small loans, short terms and easy amounts to pay back. We’re an innovative financial service company that is dedicated to making borrowing money simple and affordable. For every new customer Mogo will donate $1 to Kiva. Money on the go. […]

What is the Real APR on PayDay Loans? | Debt Management Credit …

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Recently, several members of an online network were having a discussion about a payday loan. The payday loan company would loan someone $100, and they would have to pay $115.00 back two weeks later. What is the interest rate? (No, this isn’t a word problem on a math test!)

The payday loan company said that the interest rate is 15%, since 15% of the loan is being repaid as interest. While accurate from one perspective, this number is very misleading. The interest rate on nearly all loans is determined on an Annual Percentage Rate, or APR. This means that you look at the interest that would be paid on the loan in a year, divide it by the principal balance, and come up with the APR. For example, if you borrow $100 on January 1 and pay $1 per month in interest for 12 months, the loan has a 12% APR, since 12 ÷ 100 = 0.12 = 12%.

This works for larger loans as well. If you pay $500 per month interest on a $100,000 loan, the APR is computed this way:

$500 x 12 months = $6,000.
$6,000 ÷ $100,000 = 0.06 = 6%

So if you’re paying $500 per month interest on a $100,000 loan, the APR is 6%.

Let’s look at that payday loan again…

$15.00 interest for 2 weeks = $390 per year.
$390 ÷ $100 = 3.90 = 390% APR

So that loan that requires you to pay “only” $115 back in two weeks really has a 390% APR!

In my day, they used to call that “usury” to be nice but what it really is is “loan sharking.” It used to be illegal. Now I guess it’s just considered good business.

REF: http://www.bankruptcylawnetwork.com/what-does-the-apr-annual-percentage-rate-really-mean/

If you or someone you know has been overwhelmed with payday loan debt, you may be eligible for a payday loan repayment program. Florida Residents are eligible for a 60-day deferment. Call 866.618.3328 for more information.

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