Instant Cash Advance APR
Posted on Saturday, January 8th, 2011 at 11:49 am in Helpful Payday Loan Info
Lots of customers ask about the APR on our instant cash advance loans. APR is an abbreviation for annual percentage rate, the amount of interest you’ll pay on an installment loan in a year. Instant cash advances can be paid in installments, but are typically paid in full on your next payday, so most APR calculations don’t paint an accurate picture of how much a cash advance costs. Annual percentage rates are meant to compare similar types of loan and credit services, and payday cash loans are different from most standard loans and credit. Still, here’s what to expect for the cost of a standard instant cash advance.
The APR of a loan or credit card is a complicated calculation that demonstrates the percentage of interest you’ll pay on an installment plan in a year. Banks and credit card companies are required to prominently display the APR on their credit services to help consumers make smart choices about the cost of the line of credit they choose. Cash advance lenders – both in stores and online – are also required to display this information, but it is unfair to lump them into the same category as bank and credit card lenders, since their operations are quite different.
Bank loans and credit cards are approved based on a customer’s past credit history. If you’ve handled credit well in the past, made all your payments on time, and have a good credit score, you’ll get approved. If your credit score isn’t high enough, you’ll be denied. Your credit history is used as a security measure to make sure you’re likely to repay your loan and the bank or credit card company won’t lose money on you. This extra security means that the APR on these services is between 10% and 30% on average, if you repay your cash in installments.
Instant cash advances are approved with no credit check required; approval is based on your monthly salary instead of past credit mistakes. This also means that lenders lose a sense of security and charge a little more for their services. Just like bank loans and credit cards, if you pay your balance right away, you won’t have to pay the annual percentage rate. Otherwise, the APR varies based on the size of your loan and the length of your installment plan. The highest APR you can expect is around 500%, but this is only in extreme cases.
Instant cash advances are more affordable than bank overdraft fees if you don’t have any other credit alternatives. Get the affordable cash you need wired today!
3 Easy Steps to Get Your Quick Cash
Complete the short form.
Receive your approval and confirm loan.
Cash deposited into your account.