Cheap Payday Loans
What is the cheapest loan until payday and how do i get one?
If that is your question, then you have come to the right spot. A loan until payday needs to be cheap and simple. We will explain everything about APR and Fees here. We will show how to get a cheap payday loan. Why is the APR so high in the 2750%? and what is the interest really that i pay. Cheap payday loans are the goal. Our team will attempt to answer all of your questions about loans until payday here. If you have questions about getting a loans until payday, please contact us at info@aloanuntilpayday.com.
Why is the APR so high?
APR stands for Annual Percentage Rate. This is to say that all loans and rates are discusses in yearly percents. loan until payday and cash advances are short term loans. Using a term or annual percentage does not make sense since a cheap payday loan is usually for a month. Lets work on this example from $100 to $500 dollars using APR. You can clearly see that if the loans until payday was a yearly loan then APR would be only 30%, a standard price for an unsecured loan. However, payday loans are only given for up to one month by each lender, and their fees are unique per state per lender. Please see Rates and Fees for each State. If you are wondering what the magical formula is, here it is:
The APR Formula uses Your Loan amount, The total fees and percent interest that you receive, the count of days that you are requesting the loan. Here is the first line of our example
First you Get the total fees and you divide by the loan amount like this:
First: Total Loan Fees/ Total Loan amount
30 / 100 = .3
Second: Take that number and divide that number by Total Loan Days/365
.3 / (7/365) = 15.6428
Third: Multiple that number by 100
15.6428 * 100 = 1564%
Why is Aloanuntilpayday.com the cheapest solution?
We are glad you asked. The reason we are the best is that we connect you with over 60 different banks who are able to quickly provide you a loan until payday. Cheap Payday Loans are mentioned by every single company, but they hide behind their Cheap Payday Loans Fees and APR. I hope we have brought you some insight into this and given you the right direction. Good luck.
