At Payday Loan Now, we are fully aware that some potential borrowers shy away from payday loans because they think that they come saddled with high interest rates and fees, but the fact is, nothing could be further from the truth.
(PRWEB) June 12, 2012
Payday Loan Now announces the addition of a new educational article called “Rates and Fees” to its website. The article contains all the information readers need to educate themselves on the various rates and fees associated with payday loans. The material has been designed to especially be of benefit to readers who are wary of taking out a payday loan because of the fees that they believe may be associated with one, and it discusses how payday loans have fairly reasonable fees considering their easy accessibility, quick processing time and simple repayment policy.
“At Payday Loan Now, we are fully aware that some potential borrowers shy away from payday loans because they think that they come saddled with high interest rates and fees, but the fact is, nothing could be further from the truth,” says company spokesperson Daniel Bell. “And because our loans have to be paid back in a month or less, there are no additional fees beyond a one-time fee at the beginning, and there is no continuous, accruing interest charged. Payday loans are ideal for people who need some temporary help with their finances and don’t want to be hooked into a long-term loan — complete with multiple fees and never-ending interest — from a bank.”
Payday loans are available in amounts ranging from $100 to $1,500, making them versatile as well as convenient for people who need access to quick cash to cover an urgent bill or unexpected expense. And while bank loan applications can be long and complicated, an application to get a payday loan now takes just minutes to complete online. As part of the application, an individual just needs to provide basic personal and financial information, including their name and phone number, proof of income and proof that they are a U.S. citizen or permanent resident.
Once a prospective borrower has completed the application, it is processed immediately. If the loan is approved, the borrower can then look at different offers from various lenders in the Payday Loan Now lender network and accept the one they consider the best. Because each lender has their own fees and rates, consumers should study each offer carefully to find the best deal.
The rates and fees associated with payday loans vary depending on the state of residency of the borrower, as well as the amount of the loan. They are calculated at the time of the application, and no further fees are charged if the loan is repaid on time. Although it’s possible for a borrower to extend or renew their loan, this will cause additional fees to be added onto its total amount. Defaulting on the loan might carry fines and extra fees as well, so customers are always advised to let the lender know if they are unable to repay the money on time.