Are Payday Loans Expensive?

More than any other kind of financing, small cash loans are borrowed by more people. Because financial emergencies are more common. Payday loans have been the most favored loan option traditionally because of their speed, simplified application process and lack of focus on credit scores. Although these are some of the benefits they provide to debtors, some borrowers find the funding an expensive option.

If a product is expensive can be determined by its value for money. At the same time, the funding source of payday loans also matters.

If we see the popularity of cash advances, then it is clearly preferred by many- especially from the low income groups and they believe that payday advances are really helpful. On the other hand, many people also complain that some lenders charge very high APR (annual percentage rate) which is interest + fees and costs. This is sometimes because people choose third party lenders with hidden fees and high interest rates. A loan from direct lenders like CashAmericaToday costs less.

What Is the Average Interest Rate On a Payday Loan?

As we just said, depending on the lender, the cost of a payday loan may vary. However, what is the rate of payday loans in general? A payday loan’s interest rate can vary between states apart from lenders. Therefore, it is not possible to give it an exact figure. However, the APR rates can go between 390 and 780%. The amount of cash and repayment term -either two weeks or a month- also matter. If you are borrowing from CashAmericaToday, then our rate would be more towards the lower limit. For cash up to $1,000, we give 3 months extended term with no extra fees. Apply now

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Reviews are the independent opinions of our users, and we do not hold any of them to be representative of all CashAmericaToday borrowers’ experience.

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Applying Does NOT Affect Your Credit Score

We are registered with Utah’s Department of Financial Institution to provide Consumer Credit. If you submit this application via the internet to us, we will receive and process it the same as if you submitted it to us in person thereby making Utah the place of negotiation, execution and performance of all applications and/or agreement. If we approve your application, the funds will be disbursed from our account in Utah. Utah law governing consumer loan agreements may differ from the laws of the state where you reside. Applicant is responsible for complying with all statutory obligations regarding obtaining loans by internet that may exist in their state of residence. This service may or may not be available in your particular state.

CashAmericaToday does not perform any credit checks through the three major credit bureaus Experian, Equifax or TransUnion. We collect required information regarding debtors’ creditworthiness from a third party source.

Approval time depends on the authenticity and verifiability of your documents. You might be requested to provide further information if required. Note that we do not approve all the loan requests. On the basis of state laws and your repayment ability, the terms and rates may vary. Any loan requested on Friday after 6:00 PM EST will be processed on the next business day which is usually Monday- unless it is a holiday.

Should you have any doubts, please call our customer support at (855) 840-5688, Monday-Friday: 8:00 AM to 7:00 PM (EST) or email to support@cashamericatoday.com.

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