Payday Loan Alternative with Competitive Rates

Everyone has financial difficulty from time to time and may need extra money to cover unforeseen expenses. A payday loan can be a short-term solution for tough financial situations during slumping economic times.

It’s important to note that the United States federal law requires that the fees for any financial transaction be shown to the customer in terms of annual percentage rate, or Annual Percentage Rate. Unfortunately, the formula for Annual Percentage Rate assumes that the loan will last a year or more. However, that is not the typical loan length of a cash advance loan. In fact, payday loans usually range from 7 to 30 days, depending on state requirements.

What does that mean for how Annual Percentage Rates are shown for payday loans? They often amount to triple-digit interest rates or more even though the total fee charged could be $10 depending on loan amount and loan length selected.

With LendUp, you see that payday loan interest rates up front before you submit any personal information.

Finding the best payday loan rate for you

Remember payday loans are not meant to be long-term financial fixes, but instead, help for short-term credit needs. Therefore you should select a loan amount and payment due date that is realistic. You may want to consider selecting a due date near your payday and taking out only the amount you absolutely need. Then you can compare lenders and see what interest rates work best for you. Some other factors you may want to consider are:

  • How quickly and easily can I apply?

  • How soon can I get money if I’m approved?

  • Is this a lender I can trust?

Cautions of payday loan interest rates

A payday loan can assist you if there is a temporary reduction in your working hours. Cutbacks do happen occasionally, and your family budget may need a little boost.

However, some payday loan customers find themselves trapped in a cycle of debt because they pay a set of fees to “rollover” the principal of a loan when they can’t repay on time. Several rollovers later, these fees can be more than the original loan amount.

At LendUp we don’t do rollovers, because they put our customers at risk of being caught in a debt cycle. Therefore, if you’re struggling to pay off your LendUp loan, you can talk to a customer representative and we’ll work with you to figure out a payment plan.

What makes us different from payday loans lenders?

Why do we continuously mention LendUp for payday loans? Honestly, the reason is quite simple. Payday loans at LendUp are not the same as those from other lenders. When you compare the APR or annual percentage rate, you will immediately recognize the difference. LendUp shows our fees upfront and has no hidden fees.

On top of that we’re licensed in every state where we operate. This means we abide by state and federal laws meant to protect the consumer. Good credit isn’t required, and we also offer:

  • Instant loan decisions on approval

  • Free financial educational products

  • Fast application that can be completed in as few as 5 mins

LendUp is a great to find a safe payday loans. See what LendUp customers are saying about the experiences they have had with LendUp.

How do you qualify for this payday loan alternative?

What conditions must be met to apply for a personal payday loan with LendUp? As a licensed lender, LendUp has to meet state and Federal laws prior to lending money. These laws protect you as the borrower

Our application is straightforward, and you can complete it in less than five minutes. Be sure you meet these minimum requirements:

  • You are at least 18 years old

  • You must reside in a state where we operate

  • You are not an AD (active duty) military member or a dependent of one

  • You must receive recurring income -- this could be a pension, work paycheck, or a government payment

  • You must have an active checking account that allows electronic funds transfers

  • You must have a confirmable address, phone number, and email address

These preconditions apply to all applicants, and approval does not rely solely on your credit score.

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