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1. These loans are also called cash advance loans or check advance loans. - Payday loans are short-term, often very high-interest loans available to consumers. - Payday loans are typically based on how much a borrower earns; a borrower usually has to provide a paystub when applying for the loan. - A number of laws have been put in place over the years to regulate the high fees and interest rates.
2. A payday loan is a type of short-term borrowing where a lender will extend high interest credit based on a borrower’s income and credit profile.
3. Payday loans charge borrowers high levels of interest and do not require any collateral, making them a type of unsecured personal loan.
4. Our lenders offer APRs for personal loans & payday loans from 4. 99% to 35. 00% for users with height credit score.
5. Other factors influencing the loan terms include a borrower’s credit score and credit history, which is obtained from a hard credit pull at the time of application.
6. Payday lenders often base their loan principal on a percentage of the borrower’s predicted short-term income.
7. Payday loan providers are typically small credit merchants with physical locations that allow onsite credit applications and approval.
8. To complete a payday loan application, a borrower must provide paystubs from their employer showing their current levels of income.
9. The APR depends solely on your lender’s decision, based on various factors including your credit score, credit history, income, and some other information you supply in your request.
10. These loans charge high-interest rates for short-term immediate credit.
11. These loans may be considered predatory loans as they have a reputation for extremely high interest and hidden provisions that charge borrowers added fees.
12. It is the combination of the nominal interest rate and some additional costs such as fees involved in obtaining a loan.
13. If you're considering a payday loan, you may want to first take a look at safer personal loan alternatives.