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High Acceptance Payday Loan Offers
People always ask us which high acceptance direct payday loan companies have the best or worst interest rates. Some consumers need quick cash for a financial emergency and nowhere else to turn. But they’re concerned about horror stories where they heard of interest rates climbing into the thousands! It’s in their best interest to investigate their options and do all they can to avoid getting a direct payday loan. As we’ve mentioned, there are better options than getting a direct lender payday loan.
Try to get a cash advance from your credit, ask a friend for a cash loan, or just do some odd jobs for quick cash.
Do you know what happens when your only option is to get a high acceptance direct lender payday loan? In most scenarios, you will see a higher interest than what would commonly be expected for a traditional loan company. In this blog post, we’ll do our best to break down what type of interest rates and terms you can expect with a payday loan. Interest Rates For High Acceptance Payday Loans From A Direct Lender
Most high acceptance direct payday loan lenders charge interest rates anywhere from 200% to 600%. At first glance, that seems incredibly high and out of control. Compare those terms to a traditional bank loan in CA, and you’ll be stunned at how high that rate is! There are a few things to consider when it comes to installment lenders and finding the best companies that offer California payday loans.
First, it’s in your best interest to pay off a high acceptance direct payday loan before it becomes past due. We can’t stress this enough. Many consumers get in trouble by not paying off a payday advance on the day it’s due and letting the loan “rollover”. Never let a payday loan rollover past its due date. If this happens, you will accrue huge amounts of interest charges. Any finance charge in the hundreds is going to hit you hard. If you’re responsible and don’t let the payday loan roll over, you’ll pay back roughly $15 for every $100 borrowed. You’re still effectively charged an interest rate of 400% on average. But you paid off the loan by its due date and didn’t let the finance charges get out of control.
High Acceptance Payday Loans From Direct Lenders
There are other reasons that high acceptance payday lending interest rates are so high. Mostly because the average direct payday lender takes on risk when issuing a loan. Payday loans have default rates of 20% or more, while traditional bank loans are in the single digits. Most banks and credit unions go off the Federal Reserve Prime Rate to find the amount they charge in interest. It can be different with direct lender loans as each company will consider factors like bad credit and employment history. Also, most direct lenders are banned from offering payday loans to the military and other select groups. That’s not to say these direct payday lenders funding payday loans aren’t making money. But it’s not as much as you may think when you understand how many loans will default because of fraud or lack of payment.
Pay Off A High Acceptance Direct Payday Loan Early To Avoid The Finance Charges
To answer the original question, “what company that offers direct payday loans has the best interest rates”. We would probably tell you that none of them do if you need a cash advance or personal loan. On the other hand, if you need financing, all of them have similar rates.
But you can usually find a winner by researching and talking to the best high acceptance direct lender online. For example, Cashnet and Ace Cash Express are usually seen as two of the biggest direct payday loan lenders. These two companies have rather similar interest rates at around 500%. Yes, that’s a lot, but if you pay back your loan by the due date, it’s less than $50 for a typical installment loan. Some high acceptance direct payday lenders and tribal loan providers will periodically have coupon codes or holiday specials. With these options, you can get a percentage discount on your monthly rates. Other companies offering guaranteed loans for unemployment benefits and loans with no documents required will have far fewer discounts and approval specials. Don’t let your cash advance from a direct lender roll over, as that will only add interest and late fees. Do all you can to pay the loan in full on the day it’s due! It’s important to point out that rates are sky high with almost any type of unsecured loan. We can’t stress enough how you must pay off these high interest cash advances as quickly as possible.
See if your bank offers high acceptance direct payday loans!