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Payday loans and high APRs: what is this?
All over the world online companies become more and more popular providing payday loans at a rate of up to 4000%. You do not need to go a lender personally today. If you have a tablet, laptop or mobile phone you can get one of many payday loans online. But what about these scary and abnormal numbers, representing interest rates? Do not panic, maybe you have nothing to be afraid of!
First of all, there has been much change in the industry in the last decade. The payday lenders play by rules and new regulations cover almost every aspect of the lending process. Government laws set a maximum amount of fees and interest rates lenders can charge on payday loans.
But what is an APR? The annual percentage rate (APR) is the combination of fees and interest attached to payday loans, so this is often the main criterion borrowers use to determine which loan offer is the best. And you need to understand that the key word is ‘annual’ while you borrow payday loans only for a period of 14-31 days.
That is the trick! As long as you act as a responsible borrower and repay your payday loans on time, everything works perfectly for you. High annual interest rates are not a problem, because you do not need a small loan for a year.
The recent rules and regulations also set the maximum loan amount that is allowed on a product for the period of time for an individual consumer from a lender. It means you can not borrow more that you afford with your monthly salary.
Payday loans are processed very quickly but the fees are pretty high! Some are even available the next business day once your application is approved. Most others will be available in the next 24 business hours. This is much faster than any other type of loan can offer you. It is very easy to access payday loans through traditional brick-and-mortar stores and online lenders.
Many people worry if applying for payday loans is safe. This question is reasonable, especially considering that more and more people prefer to apply for these loans through online sources. When you use the Internet for money transfer, there is some risk, but online lenders protect their customers. Knowing what to look for and how to properly manage a payday loans application ensures that you and your information will remain secure. When choosing an online lender, make sure you use one that is trustworthy and has proper certification and insurance. Check if anyone has filed complaints against the company. By ensuring that you work with reputable lenders, you can protect your interests and will be able to borrow the money you need safely.
However, the need for personal emergency loans will continue to persist in times of economic recovery and you need to know how to choose reliable payday loan lenders for short-term and small loans. For a better understanding of the industry, you need to learn how payday loans work.