Payday loans are there to save us whenever we are caught in a tight situation. They usually have a processing time line of 1 business day (2 business days at most), they require no credit checking (hurray for those with bad credit scores) and there is a huge population of payday loan centers that can assist you, even if you are only inquiring of the mechanics of the service.
However, the payoff is that cheap payday loans are hard to find. Usually, payday loans have an annual percentage rate ranging from 510% to 1000%, depending on the company you have availed your loan from. Let us say you request a loan now, in two weeks you have to repay the principal and the interest and the rate is $ 10 or $15 per $100 borrowed. As you can see from this example, it is hard to find cheap payday loans.
The operative here is hard but it is not impossible to find cheap payday loans. Here are the top 2 legitimate sites that are available as of writing this article and here are their rates so you can find the cheapest one that you are comfortable in availing of and applying for in a trying time.
1. Payday Cash Advance Loans at paydaycashadvanceloans.biz
Their website boasts of: “Finance charge is based on a national average of a $15 finance charge per $100 loan with a 14-day repayment term.” So if you request a loan of $500 for a 14 day repayment time line, then you will payback a total of $750. To apply, you would just need to fill out their application form online, sent it up to their system and one of their representatives will get back to you in a matter of hours.
Cheap Payday Loans rating: 5
They are well within the average, no scams are seen from the other sites complaining about their service and their online form is truly a secured form as the secure button is showing on the status bar. This is indeed a cheap payday loans site.
2. Cash Net USA at cashnetusa.com
What is fantastic about this site is that it follows specific state regulations on cash advance loans. Here is a rundown of all their terms per state at $100 borrowed in 14 days:
Alaska $15.00 plus a non refundable processing fee of $5.00
California $17.65 per $100 borrowed or $45.00, depending whichever is lesser.
Colorado $20.00 per $100 borrowed for the first $300 borrowed, with $7.50 per every additional $100 borrowed.
Louisiana $20.00 per $100 borrowed or $45.00, depending whichever is lesser.
New Hampshire $25.00
New Mexico $16.00
North Dakota $20.00
Oregon Repayment time for this state is 31 days minimum, at $13.06
Rhode Island $25.00
South Dakota $25.00
Cheap Payday Loans rating: 4
The prices are steep in some states so it cannot be given a cheap payday loans rating that high but some states are lucky to have lesser than the industry standard of $15.0 per $100.