You can’t apply for this type of loan at traditional banks, only micro-financial organizations and direct online lenders can provide you this service. The amount can be a difference and it counted individually according to your income and based on the data about your previous salaries. But usually, it varies from $100 to $1500. Shall now proceed to impressive facts.
#1 Usually, the Borrower Applies for 8 Payday Loans Per Year
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A payday loan is easy money. When you realize that you can get money without any difficulties and nobody will check where you are going to spend them, people can’t stop. Repaying the first loan, they apply for the second and the next one. And according to official data, the average payday loan user takes 8 loans every year. So, think twice before applying for the loan, and don’t get into a financial gap when you are going to apply for the next one.
#2 Only 20% of Borrowers Repay Payday Loan in Time
Yes, this type of loan is lent for quite a short period (only 2 weeks till the next salary) and not everybody can deal with their financial issues for this time. Borrowers are covered by one payday loan applying for another one with a larger sum. 4 of 5 payday loans are rolled over and finally, the borrower pays even more interest than was discussed in the loan agreement initially.
#3 Credit Score Matters
Probably, you heard such phrases as “no credit check loan” or “payday loan even with bad credit”. But there are no loans without a credit check. Every lender makes at least a soft check of your credit and if it is too low, you can get refused. Moreover, the lower your rating the higher the interest rate will be in your loan agreement. That is why take care of your score and try to improve it. Making any financial operation, think about how it will affect your credit not to harm it.