Our service is absolutely free of charge. You will never have to pay us anything for helping to arrange your payday loan. There are no hidden fees for using our service, and you do not pay anything extra to lenders because you came to them through us.
We do not offer loans directly to you. We simply provide a platform where you can enter your details just once, and we will forward them to numerous lenders, most of whom will return with a quote based on the amount you want to borrow and the length of the loan. This lets you compare offers from many different lenders.
In the US, there is no such thing as hidden fees for payday loans. Under federal and state laws, lenders must disclose all fees.
When people talk about hidden fees, what they really mean is that they did not bother to read the terms and conditions. Had they done so, they would have seen if extra fees applied to any aspect of the loan.
Before you accept a loan from any lender, you MUST read the lender’s terms and conditions. When the loan is arranged, you will be told what the total amount to be repaid is. That amount is fixed, and includes interest for the period, and arrangement fees, if any.
Provided you abide by the terms of the loan, the lender CANNOT add on any other fees to your loan. If you are late with your loan repayment, the lender is entitled to collect the extra interest that will accrue for the extra period you have the loan.
Lenders may also charge an administration fee to rearrange any aspect of your loan. Any such fees will be listed in the terms and conditions.
The importance of reading the terms and conditions
We cannot stress enough how important it is to read the terms and conditions. Sure, the language in these can be confusing, and might be difficult to understand. Look out for late payment penalties, fees for rearranging the term of your loan, and fees for loan defaults.
If you are completely unable to understand the terms, try to get somebody to help you. When you take out a loan, you are entering into a legal contract. The terms and conditions form the basis of that contract. When you accept your loan, you are agreeing to all those terms and conditions.
Interest rates vary between lenders. Interest rates quoted are annual interest rates. If the lender adds on administration or arrangement fees, these normally become part of the loan for interest purposes. For example, if you borrow $500, and there is an arrangement fee of $15, your actual loan will be $515.
Interest rates for payday loans tend to be high. You should not be put off by high interest rates. The key point to remember is that these are intended to be short-term loans. When you pay on time, the actual cost is reasonable. It is only when you take a payday loan for extended periods that they become prohibitively expensive. If you cannot pay off a loan in the short term, you are advised not to borrow money in the first place.