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Payday loans are short term financial solutions specifically designed for employed individuals and those with bad credit to ward off those financial emergencies. Payday loans are therefore typically short term, ranging from 7 to 14 days. At the end of the repayment period the loan amount along with the finance charge is withdrawn by the payday loan lenders from the borrower's checking account.
For every extension though, extension fees count. These go along with the renewed finance charge for the extended amount. The payday loan could also be repaid in installments with a charge levied for every installment paid. That's how short-term payday loans are extended to a longer term. If you keep extending though, you'll end up repaying much more than what you've initially borrowed. Payday loans are the best short term financial solutions though. A long term payday loan, such as a 30-day payday loan, requires you to repay half the payday loan amount in two weeks and pay back the remaining balance within a month.
That's where reading the terms and conditions becomes important. Discuss with the payday loan counselors about your long term need, and if they offer the long-term payday loan that satisfies you go for it.
Rates are what any loan is all about, and they could discourage many individuals suffering from bad credit from approaching lenders. What sets short term payday loans apart is the fact that that many payday loan lenders offer their cash services even for individuals with bad credit.
If you're in a really bad credit situation and you have mounting cash needs between your paydays, the payday loan is just about the only option you have of setting your finances in order and rebuilding your credit.
But before you select a payday loan lender, make sure you get the Payday loan rates right. Payday loan rates include the finance charge or interest rate for the loan amount you borrow, and other charges for the application, extension, and flexible repayment options.
Generally finance charges for payday loans range from $15 to $30 per $100 borrowed, which would translate to 390% to 780% in APR rates. Payday lenders are required by law to publish their APR rates and give you any information you demand about the rates and the terms and conditions of the no teletrack payday loans. The APR is the Annual Percentage of Rate of Interest.
Before you apply or agree to the terms and conditions ensure that you check out the APR comparison chart. Some states such as New Mexico have passed laws regulating the rate of interest charged. Payday loan rates also depend on your credit score. Your credit score may not discourage you from a payday lender, but the better your credit rating the more competitive the rates you're charged.