#payday loans direct lender
Representative APR Range
Wow-loans.com is not a lender and does not provide short-term loans but refers consumers to lenders who may provide such loans. Wow-loans.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs vary according to the information supplied by you in your loan request and your lender. You will be given the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement in the loan request process.
The APR on a short term loan can range from 200% to 2,290% depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on.
See the following example of the APR calculation:
Borrow $200 for 14 days with a $30 to $60 lender fee. Your estimated APR is 391% to 782%
Calculation: (lender fee / loan amount) x (amount of days in a year / duration of the loan) x 100
Low End of Range: ($30 / $200) * (365 days / 14 days) x 100 = 391.07%
High End of Range: ($60 / $200) * (365 days / 14 days) x 100 = 782.14%
Payday loans are relatively expensive when compared with other loan products. Payday loans are not recommended as a long term financial solution and they should only be taken for emergency financial needs.
Implications of Late Payment
You are encouraged to contact your lender as soon as possible if you are unable to repay your loan on the scheduled repayment date. Your lender will set its own late payment fees in accordance with state regulations, and your lender has several courses of action available to them if your payment is late. For more information about your lender’s specific procedures as they apply to late payments, please review your loan agreement or contact your lender directly.
Implications of Non-Payment Financial Implications
The costs associated with loans of up to $500 range from 15% to 40% of the entire loan amount, and the charges associated with loans of more than $500 can be even more. Your lender may also charge you late fees as well as fees for non-sufficient funds. As an example, your lender may charge you a $20 nonsufficient funds fee as well as 15% of the loan balance as a late fee. Please review your loan agreement carefully for information about the financial implications of non-payment before you provide your electronic signature.
The majority of the lenders in our network will not sell your debt to outside collection agencies. Instead, they will attempt to collect the debt in-house via telephone, email, postal mail or even text message. Similarly, they will not threaten criminal charges or sue borrowers; they will generally offer debt settlements over time instead. Every lender in our network is required to adhere to the Fair Debt Collection Practices Act which protects consumers from being abused or harassed by debt collectors.
Some of the lenders in our network may automatically renew your loan if it becomes past due. You should check your loan agreement for your lender s policy on automatic loan renewal. If your loan is renewed, there will be additional charges as determined by your lender and the minimum term will be 15 days. Your lender may offer you other options in addition to renewal, including the ability to repay your loan in full at a later date or repay your loan over time in a series of installments.
Here is the list of advantages that we provide our customers with while they apply for a short term cash advance
- Approval of loan application in 1 hour or even less
- No Credit or Bad Credit OK
- Cash deposition into your checking account overnight
- Reasonable interest rates
- Speak to you lender about the possibility of rolling over your loan in the unlikely event you unable to pay on the specified date
All you need to provide the following information
- Personal information like your name, date of birth, residential address and contact numbers
- Your employer’s name and address
- Recent paycheck stub and bank statement
- Details of your bank account that you operate regularly: your money will get transferred to this account only
Once you are matched with a lender and sign your loan documents, funds are deposited into your bank account as soon as the next business day