Rates and Fees
Applying for a payday advance at PaydayNow.com is completely free of charge. It is important to know that PaydayNow.com does not serve the role of a lender, it simply facilitates connecting you with a suitable lender in our network. After you submit an application, we search our database of reliable lenders in order to find the ones most suited for your needs.
The website does not select a single lender; you receive a list of lenders that can give you the requested amount of money. You are free to compare the costs connected with each lender and select the best deal. The information regarding rates and fees of your payday advance are between you and the lender. If you agree to the loan terms, you will be taken to an e-signature page provided by the lender. Here, you will again find all the information regarding the rates and fees of the loan before signing or canceling your loan.
It is recommended to read all the information presented by your lender and to fully understand it before accepting the terms. This is not a mandatory agreement and you are not required to accept the terms of the loan. You should decide if the terms are acceptable, and only then proceed by adding your e-signature to the page. Thus, the contract is completed. Your money is ready to be transferred within 24 hours.
The rates and fees of your payday advance are determined by the lender, according to the information you have entered in your application. PaydayNow.com is not responsible for the determination of the applied interest rates and fees.
The federal law known as The Truth in Lending Act compels lenders to fully disclose key information such as interest rates, fees and additional costs up front to the borrower. If you think that the terms of the potential lender are unreasonable, you have no obligation to continue with the loan application.
Interest rates are slightly different from one lender to another, but are usually higher in comparison to a loan of the same amount from a traditional lender. This is because, in the case of a payday advance, the risk of the lender is higher, since there is no credit score requirement, minimum paperwork needed and the requested amount of money is accessible very fast. In the case of a bank, the eligibility criteria are harder to meet, there is more paperwork required, and the customer’s credit history is checked and the entire process takes longer to finish — often a bank loan takes weeks to obtain approval and access to the money you need. At PayDayNow.com, you can benefit from finding best payday loan available right from your home, without any additional costs.
Many people believe that, due to their bad credit history, the interest rates of a payday advance will be higher. Because there is no credit score requirement, and you do not have to disclose your credit rating, the rates and fees of the loan will not be affected by bad credit.
Laws and regulations regarding payday loans vary from state to state. This is why it is important to know the laws and regulations that govern a payday advance in your state, because they have a role in determining the rates and fees for your loan.