A small short term loan from a payday advance may be costing you more than you think. The typical APR for payday loans range from 391 to 521 PERCENT. We know what you’re thinking, yes, that’s a lot. Rates are sky high due to the shorter amount of borrowing time and most of the time the consumer can get stuck in a repeat cycle. You’ll eventually find yourself paying off your previous payday loans and needing to take out another.
Why is the industry still booming you ask? Two words: fast cash.
On the bright side personal loans can give you an advantage, especially when consolidating credit cards bills and other high interest rate loans. Rolling all of your bills into a single loan won’t immediately reduce your debt, but it may reduce your monthly payments. Having just one bill can make tracking and payments easier. With what you may potentially save on monthly interest payments, you can increase your cash flow or pay down more of the principal balance to see your debt shrink even faster. Some companies (like ours) do not have any pre-payment penalty fees, we encourage you to pay off your debt faster. After all that is what we’re here for!