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A payday loan or a personal loan is a short-term loan for a relatively
small amount of money typically meant to be repaid with your next paycheck.
Payday loans or personal loans allow you to spend your money to pay off medical expenses, make home improvements, repairs to your vehicle or consolidate your debts. Payday loans are different from other types of loans, such as home mortgages or automobile loans.
A payday or personal loan is paid back to the lender over a set period.
Payday loan fees might range from $10 to $30 for every $100
borrowed, depending on your state law and the maximum amount your state permits you to borrow.
A fee of $15 per $100 is common. This equates to an annual percentage rate of almost 400% for a two-week loan. So, for example, if you need to borrow $300 before your next payday, it would cost you $345 to pay it back, assuming a fee of $15 per $100.
For a $5,000 36-month loan at an interest rate of 5.99% with a 1% origination fee of $50.00, you will receive a loan amount of $4,950.00 and will make 36 monthly payments of about $153.61 at a 5.99% APR. The total loan cost would be $5,595.00.
If you find that you can not repay your loan under its current terms, your lender may charge you late fees,
report your payment history to a credit-reporting agency, or provide an extension or loan renewal option to
refinance your loan.
This may impact your credit score or allow your loan account to fall into the collection. Loan renewals or refinancing options may include additional fees.
Applying for payday loans with Merchant Cash Advance 360
only takes minutes, and our quick process will tell you in minutes whether your application is accepted
with one of the lenders we work with. Most applications are typically decided within a few minutes.
To apply for a payday loan online you should be at least 18 years of age or older, a U.S. resident, with consistent income and a checking account.
Loan renewals and extensions may be merchant cash advance 360 for missing, partial or late payments. The loan renewals may be automatic and typically include additional renewal charges.
To qualify, you should be in business for at least six months & have a minimum of $50,000 in annual revenue.