Our lending terms are completely fair and transparent - no upfront fees, no hidden fees, no balloon payments. You can choose between a single payment or flexible installment payments. The latter installment loans are suitable if you need more time to pay back your loan, a small amount at a time. Each monthly payment you make consist of both the interest and the principal. Thats why some people feel that pay monthly installment loans are much better and not payday loans for bad credit.
For payday loans, you are usually supposed to pay back the entire amount within 30 days. Our lenders allow you to roll the loan over (extending for two weeks) if you need more time. There is a borrowing fee for rolling your loan payment for 2 weeks. Thus, if you keep rolling your loan and paying the fee, the principal amount owed is not reduced at all. Compared to an monthly payment installment loan, your payments will reduce the principal. You can save on fees when you use an installment loan and not payday loans.
Borrowing Fees For A 500 Dollar Loan
For example, this is how much you need to pay for a $500 payday loan for bad credit. If you borrow 500 dollars from online payday loan lenders, you have to pay back $500 and about $90 for fees after you get your wages in your bank account. If you need to roll the payday loan payment, you have to pay the $90. So if you roll over for 8 times, after that tenth rollover, you’d still need to pay back the $500 you initially borrowed to close out the loan. After five months, you would have paid $900 in fees for that $500 loan. On the other hand, this is how much you have to pay for a $500 installment loan for bad credit and say you borrow for 3 months or equivalently 6 payments of $100. The above is only an illustration, and the actual APR depends on the information you provide on our application form.Our online installment loans are currently available to residents of all U.S. states except Arkansas, Massachusetts, Minnesota, New York, North Dakota and West Virginia. Our lenders do not discriminate against applicants on the basis of race, color, sex, marital status, credit score. You can apply for a loan even when you receive income from public assistance programs. For information on consumer rights regarding personal loans, you can refer to the Consumer Credit Protection Act.
