Payday loans online are popular with many individuals from all demographics because they are fast and convenient.
Payday loans online have become incredibly popular in that they give individuals the opportunity to obtain cash fast in the comfort of their home via the Internet. Maximum amounts to be borrowed typically do not exceed $1,000 and the money is in the account within 24 hours after approval. All you need to qualify is to be 18 years of age, have a job, and have an active Bank account.
Facts about the Interest
Something that concerns a lot of people about payday loans online is the interest rate. They see figures like 391% or 630%. Yes, this can look rather scary, but you do have to break it down. For every $100 that you borrow, that percentage translates into around $15 to $20. This varies from lender-to-lender, but those dollar amounts are the average.
If you were to go to your bank and the bank would give you a personal loan, perhaps they would require you to borrow no less than $2,500. Even at 6% interest, you are going to pay $150. If you were to pay the loan over a 12 month period, you are looking at a payment of approximately $220 a month for a year.
Now let’s say you only needed about $800 when you took out that Loan but you couldn’t borrow just $800, which is what resulted in a $2,500 loan that you didn’t need. If you looked at payday loans online, you would have discover that your fee could be as low as $120 and that you would simply pay back the amount on payday. $920 is much easier to pay back than $2,500 if you wanted to pay the bank loan off early. Plus, only those with excellent credit can get an interest rate as low as 6%. If your credit is good or fair, you are looking at much higher interest and the possibility of having to put an asset up as collateral in order to secure the loan.
Many are surprised to find out what the customer demographics are for payday loans online. Here are interesting figures for you to review:
• Most borrowers make between $25,000 and $50,000 per year.
• Only 4% of borrowers are over the age of 65 with 68% being under the age of 45. The remaining 28% are between 46 and 64.
• Nearly 56% of borrowers have a college education with only 6% having not graduated high school.
• Homeowners account for 42% of borrowers.
• 100% of borrowers have checking accounts and are employed.
These percentages represent people within your own community. Everyone has faced an emergency situation at some point and not had the money to handle it. Fortunately, payday loans online are available to help you when you are in need.
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Payday Loans Online