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Short-term loans, also referred to as payday loans, can be a convenient form of credit when you need it, but they also tend to be much more expensive than other loans.
Most states have restrictions on the fees and interest short-term loan providers can to charge, but some short-term lenders in the same state may be more affordable than others. Comparing your options can help you avoid high fees and slower processing times.
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
A cheap short-term loan is one that charges lower interest rates and lower fees when compared to similar loans. In most cases, states have regulations in place that keep these costs below a certain level. Some lenders may have smaller fees and lower APRs below the legal upper limit of the state to remain competitive.
For example, short-term lenders in New Hampshire can charge an annual rate of up to 36% for short-term loans, but you may find lenders who are willing to charge you less. This would qualify as a cheap short-term loan. Knowing the regulations of your state can help you identify lenders that are charging fewer fees and have a lower APR.
Some states don’t allow payday loans. In this case, there are other options if you need extra money.
When you’re comparing your cheap short-term loan options, lenders will generally have the following features:
Repaying a loan later than scheduled might cause you to pay considerably high late fees, NSF charges and loan refinancing fees, which can all negatively impact your credit rating.
A good way to find out about all applicable fees and charges is to review your loan’s terms and conditions carefully. If you don’t think you’ll be able to repay your loan on time, it’s best not to take it out in the first place. All reputable lenders will provide all information on your loan contract, and if you don’t agree, you don’t have to sign it.
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