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Why is it necessary to make payday loans affordable? Well, they have high-interest rates ranging from 200% to 800%. In some states, it’s typical to pay APRs of 1000% and more.

Most lenders will have flat finance charges. For instance, a flat-fee of $15 if you borrow $100 and repay it within 8 to 30 days. The shorter the loan term the higher the APR.

Applying does NOT affect

your FICO® credit score!

It’s in your best interest to pay the lowest fees. The money saved can cater for other expenses like groceries, rent, entertainment, etc. Let’s further explore the concept of low-interest rate payday loans:

What is a cheap short term loan?

It’s a loan that has lower interest rates than comparable loans from other providers. For instance, there might be 20 payday lenders licensed to operate in Nevada. Since they are competing for your business, they might lower prices/fees for their loan products.

Finding a cheaper short-term loan requires that you first compare loan companies to find the cheapest lender.

Does this sound complex and time-consuming?

Well, it’s not thanks to free loan-matching services provided by Nation21Loans. You submit one application and receive multiple offers. For instance, if you get 5 offers, compare the APRs and pick the option with the lowest interest rates. Of course, look out for other things like funding speed, late payments policy, etc.

How do these loans work?

The loans are called “payday” for a reason. That’s because the lender is allowing you to borrow from your future paycheck. For instance, if you’re going to receive $600 next week, the lender can allow you to borrow $400 that you must repay on your payday.

Payday loans are permitted in 38 states. Loan companies have to obtain licenses in all jurisdictions. In line with protecting borrowers from exorbitant rates, various states impose interest caps, maximum loan amounts, loan terms, etc. For instance, in Nevada, the principal loan amount can’t exceed 25% of your gross monthly income. The max loan term is 35 days.

What requirements are there to get a cheap short-term loan?

Generally, payday loan companies don’t examine your credit reports in-depth, ask about your personal assets, or request a sit-down loan interview. The loan company will be concerned about your:

  • Bank account: It’s needed to receive loan proceeds. Customers without bank accounts can get funded by lenders offering prepaid cards.
  • Source of funds: Having a job is not the main requirement of payday loans. You just need a stable source of funds. In addition, you must produce proof of recurring monthly or biweekly payments made on regular dates.
  • Identification: You’ll need proof that you’re a US citizen or permanent resident. Only adults can be held legally liable to pay loans. Therefore, you must be at least 18 years old in most states.

Applying does NOT affect

your FICO® credit score!

Features of cheap payday loans

Discounted APRs Fees Easy approval Fast turnaround time All credit types
Expect lower APRs than with normal payday loans. Some lenders may make loans cheaper by not charging late fees or refinancing fees. Apply online and get approved without strict requirements. You’ll receive funds within the same or next business day. Get approved with poor, fair, good or excellent credit.

Do I qualify for a cheap payday loan?

Yes, you qualify for a low-interest payday loan. There are two reasons that might cause you to think that you don’t qualify:

First, you might have a low credit score. Payday loan lenders expect to be repaid in a couple of days or weeks. They don’t require collateral. What’s more, they ensure they are repaid by asking you to set up automatic debits.

Secondly, your income might be on the lower side. Well, the lowest-paid employees in the US are those working cleaning jobs who reportedly earn $1,872 each month.

With payday loans, you’ll get funded as long as you’re earning more than $750 per month. It also doesn’t matter if you receive government benefits or work a part-time job.

Get started now

Use our loan form to find suitable lenders in your state. Get the best cheap loan offers and compare them easily. Payless when you borrow payday loans with Nation21Loans.

Applying does NOT affect

your FICO® credit score!

Do you have any further questions?