After this step is done, the lender deposits the money you requested to your bank account. Normally, youll get your money in by the end of the next day. How Do You Calculate The Interest Rate of a Payday Loan.
A payday loan generally refers to a short-term loan of 1,500 or less with a term of 62 days or less. Normally when you borrow money, safe for using a credit card or for your mortgage, the interest rate you are being charged is known. For example, if you were borrowing money to same day cash loans 2000 your first house at the beginning of 2015 you probably know you could get an interest rate of less than three percent. You might clearly know that your credit card provider charges a fixed annual interest rate of say nineteen percent, but payday loans are advertised a little differently.
Instead of telling you the rate first, they tell you the dollar amount of borrowing. For example, its common to see ads that will say borrow three hundred dollars for two weeks for 69. What you might not realize is same day cash loans 2000 a cost of borrowing 300 for two weeks for 69 is the equivalent of a 599.
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Once you submit your information, you will be redirected to the lender's website where you can review the terms of the loan, including details about all the applicable rates and fees. If you accept these terms, the lender will deposit money directly into your bank account as quickly as the next business day.
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