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Check some of the most Frequently Asked Questions about our convenient, online payday loan services.

FAQ

LOAN CALCULATOR

Click here to know the avg. APR rate of your state

NOTE: This is an estimator ONLY. Annual Percentage Rate (APR) may vary from state to state and are subject to change at any time. Specific lenders may also have different rates and Terms and Conditions. Please ask your lender for all information related to your loan before agreeing to a loan.

Payday loans are short-term loans, intended to tide people over until their next payday. Since you can apply for these loans online, they are among the quickest and easiest ways of obtaining fast cash. However, the payday loan industry falls under state regulations that set restrictions on both the interest rate and the amount that can be borrowed by a consumer.

If you are thinking about requesting an online payday loan, use our online payday loan calculator to estimate your loan:

  • Estimated fees
  • Estimated cost of the payday loan
  • Estimated repayment amounts

Many people talk about annual interest rate calculators or APR calculator but you should focus on the fee you will pay for the loan and pay it back on time. Then any annual interest rate will be irrelevant.

How Payday Loans Work

Your basic qualifications to request payday loans includes a minimum age of 18 years, a valid identification, an active checking account, proof of income, and a valid phone number.

Once you request your online payday loan, if approved, your money is directly transferred to your bank account. You will have to repay the amount in full with interest and charges, usually on your next pay date. The total amount you can borrow depends on the state you live in and ranges between $100 to $1000. The lender will add a fee charge, which is usually limited by state law to $10 to $30 for every $100 borrowed.

How Is a Loan Repayment Calculated?

Payday loan lenders usually charge a percentage or dollar amount per $100 borrowed. For example, if you borrow $400, it would cost you about $460 to pay it back, assuming a fee of $15 per $100 borrowed.

Please use our loan repayment estimator to learn more about your estimated loan payment.

Are the Payday Loan Interest Rates High?

Payday loans' interest rates are very high and vary from as low as 30% to around 400% or more depending on the state you live in and the type of loan. If you can afford the fee for these short term loans, always plan to pay back your loan on time. By doing this, the interest rate won't be a consideration; only the fee and principle you would be repaying.

What Is the Average Payday Loan Fee?

The average payday loan interest fee ranges from $10 to $30 for every $100 borrowed.

What Is the Average APR on Payday Loans?

APR stands for "annual percentage rate," which broadly covers the entire cost of borrowing money, including the interest rate, and additional closing costs. The APR ranges from 391% to more than 521% for most payday loans. Again, never plan a payday loan thinking annual rate. Plan to repay your loan on time and pay the fee associated with the loan.

How Do You Calculate Monthly APR?

For calculating your monthly interest payment, you need to convert your APR to a daily rate, know your average account balance, and multiply these values by the number of days in the month.

If you’re looking for a payday loan, calculate its APR using our payday loan calculator. Complete our short, fast online form to request a fast cash loan today.

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