Our Rates And Fees
Our aim is provide borrowers the most effective payday loan for their current financial situation. We want to help you with those unforeseen expenses, not get you in to further problems.
Of course borrowing any amount of money, whether through a bank or online, is always an important undertaking. The function of a payday loan is to help you out in genuine emergencies, with an amount that you can easily repay at the time of your next pay check. It should not be used to try and pay off others debts. Repayment is due in full in just a couple of weeks, so it is not practical for people already struggling with debt.
Before filling out the application you should work out a budget factoring in your next pay check, expenses, and the repayment. As long as you're honest with your situation, our payday loans can be a life saver.
Like all forms of credit there is a cost of doing business when taking out a payday loan. Unlike traditional loans however there is only one single fee if you repay the loan in full on the agreed upon date. Because payday loans aren't repaid over a long period of time in instalments, it's easier to view this fee as a finance charge rather than interest.
This fee is determined by the amount you borrow, your income information, and the length of the loan term. While there are no legal restrictions in Utah on what this finance charge can be, in order to stay competitive it averages in the range of $12 to $30 per $100 borrowed for a period of 2 weeks. So if your borrowed $200 over 2 weeks, you would expect to pay no more than $60.
When you submit an application and we return an offer, the finance charge and principal amount is clearly displayed. There are no hidden costs or fees. It is up to you to factor the repayment in to your budget before accepting the offer, as once it's finalized we begin the deposit process right away.
All you have to remember is:
- The amount I will need repay is the principal + finance charge.
- This needs to be repaid on X date, and will be automatically taken from my bank account.
Annual Percentage Rate
With payday loans you only have to worry about interest if you fail to make the repayment. Unless something is worked out you can expect to be charged an APR on the principal for the amount of time the debt remains outstanding. The APR is the annual percentage rate, otherwise known as the amount you would pay in a year.
On average our APR falls between 391.07% and 782.14%. So if your loan of $200 was given a high rate of 700%, you would expect to pay $1,400 for the entire year. That's $200 multiplied by 7.
Of course in reality it is unlikely you will have an outstanding debt for a whole year, so the interest charged will be much lower. For example if you missed the repayment on $200 for one month, you would expect to pay $116.67, which is $1,400 divided by 12.
Just as it's wise to budget for your repayment, it's also wise to factor in the APR in case you miss the repayment. The amount of interest can be very costly, that's why it's important to ensure you only sign the agreement if you know you will be able to make the repayment on time.
If you have taken out a loan with us and have any questions and the fee and rate, do not hesitate to contact us.
If you make the repayment late (even by a few days), pay only a partial amount, or ignore the repayment completely, you will be subject interest and may incur a collection fee (a fee for us being unable to take the repayment from your bank account). This is all fully explained in the "late payment policy" section of the loan agreement that is provided to you before digitally signing the agreement.
We may also begin collection proceedings against you, which could involve emails, telephone calls and letters. In severe cases we may seek legal action within Utah state law, which could burden you with court costs and other fees.
If you believe you will be unable to make the repayment you should contact us right away. In some circumstances we may offer to extend or renew the loan, giving you more time to meet the obligation. A loan extension is the extension of the existing loan and will incur interest. A loan renewal is the issuing of a new loan to cover the existing loan and will incur a new finance charge. Utah law does not allow us to extend a loan for any longer than 10 weeks. So if you took out a loan for 2 weeks, the maximum extension is 8 weeks.
We reserve the right to inform credit rating agencies of your missed payment, which may negatively impact your credit rating and ability to borrow from other lenders in the future.
Can I Repay Early?
Because a payday loan is a short term commitment we discourage our borrowers from repaying early. There is no financial benefit to repaying early as you will still have to pay the full finance charge. Once a loan is issued we lock in the repayment date, and our system will automatically take the repayment from your bank account on that date.