Make your personalized splash page for payday loan companies

Payday loans are neither installment nor revolving credit. These loans are repaid all at once shortly after theyre borrowed. An installment loan is repaid over time in smaller amounts, and revolving credit accounts such as credit cards allow you to borrow and repay money as you need it.

A typical two-week payday loan with a $15 per $100 fee equates to an annual percentage rate (APR) of almost 400 percent. By comparison, APRs on credit cards can range from about 12 percent to about 30 percent. In many states that permit payday lending, the cost of the loan, fees, and the maximum loan amount are capped.

A payday loan is a short-term, high-cost loan. A borrower will write a post-dated check for the full amount of the loan and repay it or have the funds deducted from their account on their next payday, up to 31 days later. For example, a borrower writes a $300 check, pays a $45 fee, and receives $255 in cash.

As a result, a 438 credit score will make it difficult to qualify for a loan or unsecured credit card, and you will need to focus on rebuilding your credit before trying to get a mortgage, car loan, etc.

You can start offering landing pages to your customers, you can do that before building a website solution, or you can offer it as an addition for certain promotions. Either way, landing pages can have a huge effect on a business. Its important that you know how to sell this service.

Borrowers often choose payday loans because they dont require a minimum credit score. If you can prove youre employed and receiving a regular paycheck, your odds of approval are very high.

Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lenders lowest interest rate, borrowers typically need a score of at least 690.

Payday loans are small, short-term loans typically no more than $500 that many financial experts consider predatory due to their high interest rates and fees.

All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Definition and Example of a Payday Loan For example, suppose youre short on funds one month and cant pay your rent, so you go to a payday lender and apply for enough to help you make the payment. The lender approves your loan and charges you $15 for every $100 it gives you.