Cheap payday loans may sound like an oxymoron. You have probably heard that PayDay loans are high-interest loans. But the devil is in the details. So let’s talk about some of the details.
What Are The Costs Involved In A Cheap Payday Loan?
One of the reasons you get told that PayDay loans are expensive loans is because they charge a flat fee for the loan. For example, if you borrow 100 Dollar Loan, you might be charged 20 dollars in interest.
You have to pay that back in a short time frame, maybe as little as a few days. People who want to say this is a bad deal will convert that flat fee to a figure called Annual Percentage Rate (APR). Because the loan has to be paid back quickly, the APR can end up being a big figure.
How Does That Make For Cheap Payday Loans?
Cheap payday loans always charge the same flat fee for a given dollar amount. If you borrow it for five days, it converts to a super high APR. But if you borrow it for two weeks or longer, the APR figure begins to go down because it’s the same flat fee whether the payment is due this week or next month. It may never be a Low-interest personal loan, but the APR will be a lot lower if you can arrange a longer payback period.
This is a little known trick for helping you find cheap short-term loans. For example, if you are looking for Emergency Loans for Single Mothers and you submit your monthly alimony as your next reliable paycheck, the APR will be a lot lower than if you have to pay it back in just a few days.
Of course, you shouldn’t lie. But if you do freelance work or daycare from home or gig work, you may not know how much or when your next paycheck will be. Yet, you should know when your next alimony or child support check will arrive. There is nothing wrong with tying your loan to that income instead of other sporadic income.
Where Do I Find Cheap Payday Loans?
You may be asking yourself “Where are there cheap payday loans near me?” The easiest answer is they are right here, right now via the internet.
GreenPlaceLoans can take your application and compare it to our database of vetted lenders and loan products. If we find a match for your needs, you will hear from the lenders in question. You won’t have to look at any other loans.
Apply For Your Cheap Payday Loan Now
Are you a legal adult? Are you a legal resident?
If so, all you need is a photo ID, access to a smartphone or laptop with a built-in camera and a PDF copy of a recent bank statement to start your application now. Just click here.