In recent weeks, many state governments have zoned in on the triple digit interest rates that dominate the payday loan and cash advance industry. Compared to regular bank loan or credit union interest rates, these can seem quite high.
The overall average interest rate for a payday loan in America today is approximately 390 percent, and that figure varies from state to state. What many anti-payday loan activists do not tell you is this: those figures are based on a yearly commitment.
These small amount loans are not meant to last a year. In fact, they are intentioned for only two weeks to one month at the most. Payday loans are financial taxi cabs, which aim to get you from one place to the next safe and sound. Just like a taxi service is not practical for transcontinental travel, neither is a payday loan economic for an extended amount of time.
In actuality, payday loan APRs do not amount to much. Most of these rates are double figure sums that will be tagged onto the loan. For example, a $200 payday advance with a $30 fee amounts to a 391 percent APR.
Though the $15 sounds like a small price to pay to get your cash when you need it, the APR appears to be incredibly high and expensive, because of the triple digit rate based on a yearly figure.
These fees can be incredibly worth their relatively small price. For example, it is much cheaper to pay for a payday loan then to miss days of work because you cannot afford to fix your vehicle. It is cheaper to acquire a payday loan and pay off medical bills before they stack up to overwhelming amounts. It is much wiser to pay the low APR on a cash advance then to forgo food on the table because you cannot afford a grocery bill.
These payday loans have become a way out for many Americans who live paycheck to paycheck without a back-up fund for emergencies. These men and women are able to satisfy their financial needs in minutes, especially if they use an online payday loan!
PayDay2Go is an online payday loan company that allows men and women to get the cash they need quick. Our application takes minutes to fill out, and we require no faxing or waiting in line at a store. We are entirely electronic, and will work to get your money into your bank account within 24 hours! You don't have to worry about the information that you are providing for us. We are dedicated to safety, which is why we have a state-of-the-art security system installed on our website.
We will work hard to get you the cash you need as soon as possible. Get started with us today to enjoy a cost-effective and hassle-free online payday loan!