Payday loan interest rates. Payday advance fee but no interest.

Why is a payday loan interest rate higher than a bank personal loan?

A payday loan is a short term, high risk loan, and is offered to anyone with no credit checks. Generally, payday lenders do not charge an interest rate, but instead charge a "flat fee" based upon the loan amount and the date the loan is repaid. Because of the lender's high risk and the short term of the loan, by comparing the fee to that a typical bank personal loan, the interest rate calculation is higher.

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Typically, payday loans are short term advances which are due on the following payday, unless the payday is four or less days away from the loan date. In such instances, loan repayment becomes due on the subsequent payday, with a maximum loan term of 16 days.

A payday loan charges a flat fee, which is fixed per loan amount. This causes the Annual Percentage Rate (APR) to vary depending on the number of days between the date the payday loan was activated and the date it was repaid. There is no refund of fees for early repayment.

Payday loans are short term advances which recipients should repay quickly. Although payday lenders charge a flat fee, they must provide calculations as to their interest rate. Due to various Truth-in-Lending laws, disclosures must be expressed as an Annual Percentage Rate (APR), or the cost of the credit advanced expressed as an annual rate. This requirement provides uniformity among various lender resources, so borrowers can compare rates.

Most payday loan lenders require an active checking account, but some will offer a bank savings account payday loan. And there are lenders who offer a no fax payday loan.

Read our latest article related to payday loan interest or search for other loan interest information. View average loan interest rates.

Personal Loan and Cash Advance

Differences between a traditional unsecured personal loan and a payday cash advance, history, and where to submit a bad credit personal loan application.

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Payday Debt Consolidation Loan

Whether you want a payday loan to pay off bills or if you want a debt consolidaton loan to repay cash advances, consider these options.

Unsecured Loans Making Bad Worse

High risk unsecured loans offer easy cash even to bad credit people. But if not paid off timely, the short term payday loans threaten long term debt. Desperation to pay off monthly bills can put personal finances at risk. Payoff higher priority debts and charge off lower priority.

Unsecured Personal Loan Risk

Payday personal loans are designed to offer fast cash to bad credit people on a short term basis, yet such unsecured loans can have a long term impact without timely payoff.

Payday Loan Fair Credit Borrowing

Do payday loans offer more equal opportunity lending when compared to the approval process and interest rate determinations of other loans?

Credit Union Payday Loan

Credit Unions launch their own unsecured loan version of a payday loan.

Unsecured Bank Loan

Community Financial Services Association of America, represenging the payday loan industry, sets guidelines for agent-assisted bank loan programs.

Bank Payday Loan Lenders

Banks Associate with Payday Lenders. Since many consumers need short term loans but due to high risk do not qualify for a tradictional, long term personal loan, the number of banks are providing payday advances through agent assisted loan programs is increasing.

Payday Loan Lender Information

Payday Loan Lender Information: A payday loan, also called a cash advance or an unsecured personal loan, provides a high risk, short term loan in advance of payday.

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Payday Personal Loan: Submit an online, long term personal loan application (if available). Good credit people may qualify for a personal loan of up to $10,000. There are other pre-approved loan offers and alternative options for a bad credit personal loan including a no credit check loan with online instant approval.

Rejected? If your bank denied you a long term unsecured loan because you have bad credit and no collateral, consider a short term loan or other guaranteed loan options for an unsecured personal loan.

Browse secured and unsecured loan offers such as an unsecured cash loan or personnel loan.

Unsecured Payday Loan: Apply online for a no collateral, unsecured high risk loan. Use the cash loan to pay bills or as an emergency loan to pay expenses. Learn the benefits of payday advance loans and common uses, and review alternative unsecured cash loan options including loans for unemployed people and business loans.

A payday advance is interest free because it charges a fee, not an APR. Some borrowers often use the loan to repay a payday loan from another lender, or to roll-over their existing loan term. Before you apply online for a personal loan, carefully review all terms and conditions. Browse for more payday and personal loan resources.

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Search our free credit help resources and apply for financial services. The credit crisis may have prompted stricter credit card company and loan lender approval standards, but poor credit people can still find bad credit financing.

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