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What are Payday Loans?
Payday Loans are short term loans that are especially designed for fulfilling your cash emergencies. These come with various repayment facilities, but a typical payday loan is supposed to be repaid in the next salary day. The reason why these loans are always high in demand is thier instant receipt of the loan amount. The average payday loan is subjected to be availed online with some few steps of application and also requires few of your basic documents. Payday lenders like PaydayLoanTeller make sure that all your information is safe and being processed through a secured server.
The cash advance loans work in an interesting way. While applying to these loans, you will have to give the access to your checking bank account to your payday lender. This way you enable your lender to credit your account with the loan amount and on the date of maturity also they are allowed to deduct the due amount.
In case, you are not able to repay the money back to them, it is always advised to ask for rollovers and in the worst cases communicate to the lender directly.
How are the prices of a Payday Loan determined?
The cost of a payday loan generally varies between $100 to $1000. When repaying, the payday loans cost will be the original loan amount plus the amount of APR (Annual Percentage Rate). Mostly, the annual percentage rates for such loans lie somewhere between 300% to 750% of the actual loan amount. The more you borrow, the more interest fees you have to pay on that respective amount. On an average, for every $100 you borrow you are obliged pay $15 as an APR.