Interest rates for payday loans are extremely high and due to their rates, payday loans have been banned in the state of Arizona starting . Due to payday loans being illegal in Arizona, people have been getting other bad credit loans, not payday loans, for their short term financing needs.
Payday loans are personal bad credit loans that are short term, unsecured high interest loans that provide fast cash for people who need the money to cover expenses until their next payday or paycheck. Payday loans are also known as paycheck advances or cash advances.
When someone goes in to get a payday loan, the borrower usually must bring in some type of verification of employment or income, which can be shown with pay stubs or bank statements. When someone brings that verification in, the lender provides a personal bad credit loan that is to be repaid at the borrower’s next payday.
On the maturity date of the loan (usually the payday or shortly after) the person borrowing the money must pay back their loan with the lender. If the person does not return to pay back the money, the lender redeems the check.
Interest rates for payday loans are extremely high. Lenders usually loan $100-$300, depending on a person’s income, for about a 17.5% interest fee, for a two week loan. If you annualize this 17.5% fee, a borrower is looking at an APR of 420% for an average payday loan of $300 for eight days. Payday loans are legally the most expensive and high interest loan you can receive and for that reason, many people find other ways to obtain a loan or credit for themselves.
In addition, a person without a job would be unable to get a loan since payday loan companies do not offer bad credit jewelry loans or loans on other types of collateral.
Because of the very high interest rates of close to 500% APR and higher, as well as payday loans being banned in Arizona, many people who need short term financing have been looking for other bad credit loans, not payday loans, when trying to get cash fast.
From personal bad credit loans to bad credit jewelry loans and more, Biltmore can provide you with a fast collateral loan at a rate that is reasonable and fair to the consumer.
Apply via our online form, call the DirectAxis call centre at 0861 02 03 04 Monday to Sunday, 8am no credit check payday loans Memphis TN – 8pm or you can SMS your name, surname and ID number to 43885.
We’ve made applying for personal loans online quick and streamlined. It is also easy for you to upload any documents via our online application.
A DirectAxis personal loan is paid directly into your bank account and the money can be used for any needs you may have. Whether you’re looking to do home renovations, upgrade your electronics or take a break overseas, a personal loan offers a flexible solution. There are many ways you can use your money.
When you take out a loan with DirectAxis you’ll deal with an authorised Financial Services Provider, with many years of financial services experience in South Africa. We support responsible lending, so if your application is approved, you’ll only be approved for an amount that you can afford comfortably. We’ll do our utmost to give you the best offer that we possibly can.
Because DirectAxis Personal Loans are unsecured this means that we won’t ask you to use your car, home or any other asset as collateral. To apply for a loan is quick and you can also use your loan for anything you want
For your security and peace of mind, all our loans are subject to the National Credit Act of 2005. Keep in mind, we consider all loan applications and every application is subject to credit approval.
Your loan will include a Personal Protection Plan, which settles your outstanding balance in the event of your death or permanent disability. This plan also offers some cover for temporary disability and retrenchment and the level of your cover will be based on your risk profile. You can substitute the Personal Protection Plan with a policy of your choice, provided the cover offered is equivalent.
DirectAxis administers loans for FirstRand Bank Limited, an authorised Financial Services and Credit Provider, and has been providing loans to South Africans for over 20 years.