The APR on a short term loan/small loan/payday cash loan can be in range from 200% up to 2,290% depending on how the APR is calculated (nominal vs. effective) the formula is standard, the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge (just only a rate) and your finance charge will be disclosed later on.
The website ISPOTPAYDAY.COM is not a lender and does not provide short-term loans/personal loans/payday loans but refers consumers to lenders who may provide such loans. Also ispotpayday.com website is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. The indicated APR rate will vary depending on the information provided in your online loan application to your lender who offers you. At the end the review, you will be given the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement in the loan request process.
See a simple representative example for your calculation:
If you Borrow $100 for 14 days with a fee of from $10 to $30. Your estimated APR is 260% to 782%
Calculation: (lender fee / loan amount) x (amount of days in a year / duration of the loan) x 100
how its calculated? following:
Low End of Range: ($10 / $100) * (365 days / 14 days) x 100 = 260.71%
High End of Range: ($30 / $100) * (365 days / 14 days) x 100 = 782.14%
Payday loans/Cash Loans are relatively expensive when compared with other loan products.
Payday loans are not recommended as a long term financial solution and they should only be taken for an emergency financial needs.
For some other cases you can apply to a Personal Loan, therefore a recommendation to apply to one is quickcashday.com
You are encouraged to contact your lender as soon as possible if you are unable to repay your loan on the scheduled repayment date. Your lender will set their own late payment rates in accordance with applicable state regulations, and remember that your lender has several courses of action available in the event that your payment is late. To learn more about your lender's specific procedures that will apply in the event of a late payment, please review your loan agreement in detail or contact your lender directly as soon as possible.
The financial charge associated with loans of up to $500 range from 15% to 35.9% of the entire loan amount in the most cases (but can not be ensurance), and the charges associated with loans of more than $500 can be even more. Keep in mind that your lender may also charge late fees and insufficient funds fees. As an example, your lender may charge you a $20 nonsufficient funds fee as well as 15% of the loan balance as a late fee. Please review your loan agreement carefully and in detail for information on the financial implications of non-payment before providing your electronic signature as acceptance.
Most of the lenders in our network do not sell your debt to outside collection agencies as a policy of protection. Instead, they will attempt to collect the debt internally through a phone call, email, snail mail, or even a text message. Similarly, they do not threaten criminal charges or sue borrowers; instead, they will generally offer debt settlements over time. All the lenders in our network adhere to the Fair Debt Collection Practices Act, which protects consumers from being abused or harassed by debt collection agents.
Lenders have the right to report loan default to major credit reporting agencies such as: Experian, Equifax, and Transunion. This negative report will reflect on your credit history indefinitely until the loan is paid in full. Once the lender has received the full payment, they will report it to the credit reporting agencies and the report will be removed from your credit file.
Some of the lenders in our network can automatically renew if your loan is late. You should consult your loan agreement to find out what the policy is on automatic loan renewal. If your loan is renewed, know that there will be additional charges as determined by your lender and the minimum term is 15 days. Your lender may offer you options other than renewal, including the ability to pay off your loan in full at a later date or to pay your loan over time in a series of fixed installments..