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6. What is APR and what is the average APR for a payday loan?

The APR (annual percentage rate) is the yearly interest rate charged for a loan. It represents the actual annual cost of funds over the period of the loan expressed as a percentage. It includes any additional costs or fees related to the transaction. The APR can help you to compare different loan offers.

Payday loans come with very high APRs. According to the Consumer Financial Protection Bureau, the cost of a payday loan could range from $10 to $30 per $100 borrowed. For example, a 2-week payday loan that has a fee of $15 for every $100 borrowed will have an APR of nearly 400%. That’s much higher than credit card debt, which may have an APR of 12% to 30%.  

The actual cost of a payday loan may not seem like much but it can add up quickly because most Americans who take out a payday loan take multiple loans every year.

What does John Oliver Think About It?

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How can I take out a cash advance loan?

All you need to do is to fill out the online application form on our website and submit it. We will try to connect you to a suitable lender within minutes.

If we find a suitable lender, you may be asked to sign electronically to accept the loan terms. You will not be under any obligation to accept the loan offer. There is no need to sign if you are not satisfied with the terms. You can apply again if you want to look for another lender.

The lender will usually deposit the loan amount electronically into your bank account on the following business day. In most cases you can choose a payment option that suits you. Your lender will process all payments from your banking account via electronic transfer.

How soon can I get the money?

Lenders who offer personal loans usually process applications immediately, so you could have the funds in your account on the next business day after you are approved. If you submit your application on a holiday or weekend, the lender will transfer the funds on the following business day. 

What do I need to get a payday cash loan?

You need to be at least 18 years old, have a steady source of income and have an active bank account. To qualify for a loan, you will have to fulfill the approval criteria of the lending company with which you are matched.

If an assigned lending company accepts your loan application, it may get in touch with you directly to request more information which may be needed for approval. Please fill out facts that can be verified in our application form.

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