Rates and Extensions

One of the most talked about subjects related to short-term loans is the overall cost. If you are searching for a payday loan, it may be the foremost thought on your mind also. Please remember that CashSameDay.com is not a lender nor do we broker any type of short-term loans. Our sole purpose is to provide a free referral service to consumers who are looking for online lending options. To that end, this website has a vast network of trusted, reputable payday loan lenders who are able to help consumers deal with their immediate financial emergencies.

It is important that anyone considering a payday loan be aware of the following information.

  • Every lender makes the final approval decision based on the personal information which you provide on the loan application.
  • Whether to approve an applicant’s loan request is based on each lender’s own requirements and standards.
  • CashSameDay.com has no influence whatsoever in the approval process or in determining the terms and conditions of any loan offered.
  • Lenders formulate the fees, rates, and APRs for each applicant independently.
  • Generally, the terms and conditions will be reflective of an applicant’s current income level, credit history, and the amount of outstanding debt owed.

Payday loans are classified as short-term loans for a good reason. These loans come with a very short repayment period (usually two weeks). Customers who decide to use a payday loan should expect to pay higher interest rates and fees for the convenience of getting quick access to cash funds (normally within 24 hours). Also, individuals with lower credit scores and less-than-perfect credit histories are usually able to take advantage of payday loans. Add to this the fact that no collateral is ever required and it’s easy to understand why lenders are able to charge more for short-term loans.

Not everyone will qualify for a payday loan and acceptance is not guaranteed. If you are approved, CashSameDay.com strongly recommends that you fully review and understand the terms and conditions of the payday loan agreement before committing to the loan. The Truth in Lending Act requires all lenders to fully disclose the terms and conditions of your loan in writing before asking you to sign the loan contract.

If you have questions or concerns regarding your loan, you should contact your specific lender directly. If you are not satisfied with the terms and conditions of your loan, you may simply decline the loan offer. This holds true for any reason. If you have doubts about being able to fully repay your loan when it is due, we urge you to consider carefully before signing your loan agreement. There is no fee charged for declining a payday loan and you are never obligated to accept a payday loan, if offered.

Please note that if you default on your payday loan (fail to repay it when due), the lender has the right to start collection proceeding against you to recover the money you owe. If this happens, you will be liable for even more costs including penalties, fees, additional interest, and collection costs.

Extensions & Payments

CashSameDay.com encourages all payday loan applicants to read and understand their loan agreement before signing it. This cannot be stressed enough. As previously stated, lenders are required to give you all the information pertaining to rates, fees, and APRs in writing. This also includes important information regarding extensions and payments. It is your responsibility to be aware of these provisions and know exactly what you are agreeing to.

Payday loans can be a fast and easy source of emergency cash funds but they are not designed to solve long-term debt problems. In fact, they can make a bad financial situation much worse. Payday loans are meant to be repaid within a very short time (two weeks). 14 days can roll around very quickly and if you find that you do not have the money to repay the loan, you will be forced to ask for an extension.

You should be aware that not all lenders offer extensions and some states strictly forbid them. If your lender does offer this service, you should notify your specific lender as soon as you know you will not be able to repay the loan by the original due date. Generally, lenders will require you to pay the initial interest amount due. Your loan with then be extended for another two week period at which time you will owe the original principal amount plus additional fees and interest. If you continuously have to extend your original loan, it can be the beginning of a cycle of debt which is terribly hard to get out of and can cost you an enormous amount of money in penalties and interest.

CashSameDay.com urges anyone considering a payday loan to think carefully before committing to this type of short-term loan. Two weeks is a very short repayment period. We suggest you take an honest look at your own financial situation to determine whether a payday loan is the best choice for you.

At CashSameDay.com we take our responsibility to consumers seriously. Our goal is to match payday loan applicants with an appropriate payday lender who can help them deal with their immediate cash needs. We do not want to make your personal financial situation worse. Payday loans should only be used for true financial emergencies and only after all other possible sources of borrowing have been exhausted.