Once in a while you might be in need of some quick cash for unplanned expenses, in this case a pay day loan might be exactly what you are looking for. This is a great option when you are facing an emergency and need some instant cash to help you out with your specific needs.
Quite often, loan applications are tedious and need a large investment of time by filling out questionnaires to assess your eligibility for the loan. This is not the case for our app. Compared to other loan providers that require you to answer many questions and not being guaranteed a loan at the end of the process, our process is comparably faster while being easy and accurate as well.
Instead of requiring you to answer all sorts of questions that you may not be comfortable providing responses to, all we ask for are some basic personal details to check your financial situation. By using encrypted technology, we are able to form a better understanding of the ability of the loan taker to make their payments associated with the loan. Some things we take a look in to are the amounts of repayments to be made, and we also take in to consideration the ability of the loan taker to repay the amount based on their financial situation from which we can judge the amount to hand out.
Do note that the app itself is not a lender in any way shape or form. It simply connects you with direct money lending services who are accredited and licensed. There are no fees associated with using the app for the process of connecting you with the loan provider. Another thing to take into account is that while you provide your banking, personal and employment details, you are allowing the lenders to verify and review your information. You are also not forced to use the services of the app, borrow or accept offers. Residents of certain states may not be applicable for the loans through the loan app. When it comes to agreement on loans, the deal is made between the lender and borrower and not the app itself. The app does not deal with those lenders who offer services that are not allowed by law. Further, you are not required to fill out any forms, apply for any type of loan or accept loan offers.
The earliest date to repay the loan is 65 days, and the longest period that repayment is possible is in 3 years. The terms of the loan vary based on the loan provider who you decide to proceed with.
APR or Annual Percentage Rate are the charges you have to pay for advance cash (loan) services. It includes fees, extra costs and the interest rates. The APR varies based on the lenders. Most lenders have a maximum rate of 35.99% on loans that can not guarantee maximum security of repayment, as well as for borrowers who have a good credit score. The app itself does not take part in the lending process, this means that the app will not show the APR associated with the transaction. All final decisions are made by the lender based on things like credit score history and income and some other factors. The lenders are required to let you know about the APR rate and terms before the agreement is finalized. In some states, limits are placed on the APR and fees that the lender is allowed to charge you. Only the specific lender you are connected with is allowed to disclose rates and terms, considering the local law.
You can qualify for loan services if you meet the following requirements:
1. Must be over the age of 18 years
2. Must be legal citizen of the United States
3. Must have a minimum monthly income of $1000
4. Must possess a bank account that has standard checking facilities
Other things you should know before taking a loan
1. The max loan amount is $1000
2. APR rates can fall anywhere between 6.63% and 35.99%
A representative example of the total loan cost (with all applicable fees included): amount - $1000; term - 3 months; APR - 35%:
Total Interest: $1000 * ((35% / 12 months) * 3 months) = $87.50
Total Amount Payable: $1000 + $87.50 = $1087.50
Monthly Repayment: $1087.50 / 3 month = $362.50
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