Late payment fees will vary by your loan type and state. If you’ve borrowed a prime loan, it’s critical that you make your payments on time since these will be reported to all three credit bureaus.
You can apply for a loan from $100 to $5,000. Your APR will depend on how often your payments are scheduled and the duration of the loan as well as your current financial situation. The loan contract you receive lists all applicable charges so be sure to review these carefully before you sign.
If you think you’ll be unable to pay your loan on time, avoid taking it out in the first place. A late or missed payment will result in additional fees.
You can request a loan on your own time, day or night. GreenTrustLoans welcomes people with all credit scores. You can review the payday loan offer presented without any fees or obligations
Please borrow responsibly and only if you will be able to pay the money back. Before agreeing to a loan, please make sure you can make your loan payments in full and on time. We support the responsible use of loans and recognize that nobody knows your situation better than you.
When you apply for a payday loan, you’ll typically see the amount you want to borrow and the amount you need to repay — which could be anywhere from $10 to $30 for every $100 you borrow. So the lender may advertise that their fees are around 15% to 30%.
The lender is also required to clearly display the loan’s APR online so that you’re able to compare it to other types of credit that have repayment terms of a year or longer. Because payday loans come with such short repayment terms — usually between two weeks and a month — it can bring the APR up quite a bit.
For example, if you take out a loan of $100, pay a $15 fee and your repayment terms are two weeks, that results in an APR of around 390%.