Easy Payday Loans at Nation21 Today
Often times, a payday loan may be the only way out of that looming unpaid medical bill or a car insurance that you cannot do without. The only question is what exactly is a cheap payday loan, bearing in mind that payday loans are notoriously expensive even with state restrictions in place? The answer to this question is found right here at Nation 21 within our network of payday loan lenders at your disposal.
Some lenders are more affordable than others and therefore it is important to do your research on the providers’ before signing a contract no matter how dire your situation. This is because even small variations have a big impact on your finances in the end. Knowing the regulation of the state you reside in will be of help when shopping for a loan provider. With that being said, here are some basic features of a cheap payday loan.
Lower APR from Licensed Lenders
In as much as APR restrictions have been clearly set out in every state that has legalized payday loan lending; some lenders still offer a small fee below the upper limit to remain competitive.
For this reason, a lender may opt to charge 20% for on every $100 dollars borrowed, translating into $20 total for every $100 and $140 for a $700 loan. While this is the average fee for most lenders, a different lender can offer a 50% cut charging $10 for every $100 borrowed.
While fees for payday loans are clearly defined in the terms and conditions of the lender you choose, watch out for fees associated with receiving approved funds through a debit card, late repayment, and loan refinancing fees.
When you use our online portal to apply for your cheap payday loan, no more documents are required to be faxed in since the information you give in enough to process your loan request. And, if approved the turnaround time is a few hours or the next business day.
Bad credit Approval
Whether your credit score is bad or none existent, it is not an issue when your application comes up for consideration because prove of income is the key.
- Be a U.S citizen or a permanent resident
- Have a valid bank account
- States specific minimum age
- Proof of income
What to avoid
Whenever possible avoid late repayments which result in additional fees and Non-Sufficient Funds (NSF) charges. Additionally, review the terms and conditions of the lender carefully to know what to pay and when it is due while striving to make your repayments on time.
Avoid refinancing which usually attracts additional fees and impact negatively on your overall creditworthiness; especially if your lender chooses to report you to the credit bureau. However, this is at the discretion of the lender.
Whenever you are facing difficulties paying back your loan, it is important that you have a conversation with your lender and work out a repayment plan, or an extension to help you through your financial difficulties. This is because when your loan goes to the collection agencies for late or missed payments your credit score dips automatically.
Advantages of Online Easy Payday Loans
It is possible to apply for your loan from anywhere, whether in-store or online whichever you prefer.
When you use a matching company you have several lenders to choose from, therefore, in the end, you have the best deal.
A higher APR is charged on payday loans than on any other kind of loans; late repayment fees are also applicable.
The entire amount is payable within 30 days, hence this type of loan should only be used to sort out emergency needs.
The market is full of disreputable lenders; therefore, make sure that the lender you use is accredited by Better Business Bureau (BBB) in the state that they operate.
A cheap payday loan is available to you whenever you find yourself with an unexpected bill that you cannot settle within your budget. Proof of income is all you require whether you are self-employed, you live on social welfare or a disability check; you can access a payday loan.
However, bear in mind that delinquent loans are sent to collectors, and rollovers are not recommended though your lender may allow. This is because they lock you into a cycle of debt that is hard to walk out off.