What is a Payday Loan?
A payday loan or payday advance is a small financial loan; typically up to $1500, that can be used to help resolve short term financial emergencies. Payday loans can be an excellent short term source of emergency funds, but the loan needs to be repaid when you get your next paycheck. The loan payment date will be clearly spelled out in the signed loan agreement.
What is the APR?
We are not the lender. Only your lender can provide you with information about your specific loan terms and APR and the implications for non-payment of your loan. The terms of the loan will be clearly spelled out in your loan agreement, please review the loan agreement and related documents before signing. If you do not find the terms of the loan acceptable, you can refuse to sign the loan agreement. You are under no obligation until you sign the loan agreement. Ask your lender for their current rates and charges and their policies for non-payment.
What if I don't pay (implication of non & late payment)?
If you do not pay your loan according to its terms, your lender may:
-Charge you late fees
-Send your account to a collection agency
-Report your information to a consumer reporting agency, which may negatively affect your credit score
-Offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest