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If you're like most people, you get emails with those subjects all the time. The topic is online payday loans, which are short-term personal loans that you can apply for online. Online payday loans are usually unsecured personal loans given to people who need a "bridge" until their next paycheck.
Because the loans that online payday loan companies give out are for small amounts, the companies that offer short-term personal loans online rarely check your credit. This makes them the best kind of short-term loan for people who need money quickly but don't have good enough credit to get a traditional cash advance.
No matter how they get paid back, online payday loan companies all have high interest rates. However, these rates can be deceptively high, especially if the loan is small. That's because the law says that online payday loan companies have to give their interest rates as an APR. You can get a $100 payday loan from an online broker and agree to pay back $125 in 14 days. If you were going to take a year to pay it back, the annual percentage rate (APR) would be somewhere around 650 percent, which is a crazy amount of interest.
But even so, why would someone even think about paying $25 to borrow $100 for two weeks? Many people who get payday loans online do so because they have bad credit and can't get cash advances or other types of unsecured loans. Others can only get a loan through an online payday lender because most traditional lenders won't lend less than $1000. Still, some people use online payday loans when they need money quickly in an emergency. A personal loan from a traditional lender can take several days to be approved. If your car is in the shop and you need it to get to work the next day, you can't let it stay there for several days. Most of the time, an online payday loan company can get your loan to you in just a few hours.
When you need cash quickly, online payday loans can be a big help. If you choose the company you do business with wisely and pay them back quickly, you can keep the blessing from becoming a curse.
