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Does getting a payday loan affect credit

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Does getting a payday loan affect credit

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Does getting a payday loan affect credit

The annual percentage rate on a loan is the amount the lender would charge if you borrowed the money for a year, as a percentage of does getting a payday loan affect credit original loan.

For instance at 40 APR, to borrow for decatur cash loans year you'd be charged 40 of the original loan, on top of paying it back. So if you borrowed ВЈ100 at 40 APR for a year, you'd have to pay back the loan plus ВЈ40.

The APR is sometimes referred to as the 'interest rate'. However it also includes any other charges and administration fees, except where they are avoidable, such as late repayment fees.

Why an annual rate. I'm only borrowing for a month or two. When lenders advertise loans, they must show the APR by law. People borrow money for different lengths of time, so the annual percentage rate gives a standard way of comparing loan costs. It doesn't mean the lender will actually lend you money for a year, but it's the standard for comparing deals.

Does getting a payday loan affect credit

We recognize a personal loan is a private matter. Reasons for needing money range from critical automobile maintenance, unexpected medical expenses, much needed family vacation, basic home improvements, etc. Whatever your reason, we respect your privacy. Thus, we work with lenders familiar with your situation and are ready to help. Important Disclosures. Please Read Carefully.

Does getting a payday loan affect credit