What to Expect when Taking Out a Short-Term Loan
When you find yourself short on cash and need a little extra money to help you get through until payday, the last thing you want to do is ask family members or friends for a loan. Whether you need the cash to help pay a bill, to have gas money for work, or simply a night out with your friends. It is easy to obtain a small loan that will give you the cash that you need until your next payday. When searching for short-term lenders, it is important to understand their requirements and fees may vary. However, they are limited by regulations set by the state on how much interest and fees they can charge.
Borrowing from a Payday Lender
* They require all applicants to be over the age of 18 and have a steady monthly income over $1000.
* Applicants are required to have an active bank account to receive the money in. In addition, a bank account is important because you will write a check that covers the loan and the establishments’ fee.
* Short term lenders will deposit the prewritten check on your next payday or allow you to pay the loan off in person.
* The span of the loan is for 13-30 days depending on how the applicant is paid and the arrangements made with the lender.
* For each $100 that is borrowed during an installment period, the borrow will be charged $15.50.
* The interest rate is based on the annual percentage which can be 188.58% to 435.19%.
* The maximum amount residents in the State of Illinois can borrow is 25% of their monthly income or $850.
Repayment of Loans
Short Term Loans offers small loans to their clients that are expected to be paid in full by their next payday. If a person is not able to make the full payment, they can talk with a staff member about making installments until the loan is paid off. You can receive a loan for 45 successive days before you will be placed in a cooling off period. Visit www.shorttermloans.com for more details.