Rates and Fees

InstantPaydayOH doesn’t operate as a direct lender or financial institution. Therefore, we are not to be held responsible for any credit-making decisions; neither are we in charge of regulating rates and fees of our lenders at any time for a specific loan offer. Although we try as much as possible to ensure the easy access of online payday loan offers, we cannot determine exactly, nor do we influence payday loan rates and fees, non-payment rules, APRs, and renewal policies imposed by our various payday lenders for similar reasons. InstantPaydayOH is a well-secured online payday loan platform that helps to connect you (the borrower) with the best-possible lender that best suits your lending purpose. While we have no part in influencing lenders’ rates and fees, we make it our major priority to guarantee that our lenders meet all the necessary federal, state, global, and local rules and regulations for payday lending. We take all necessary steps to ensure that our lenders stick to only fair credit practices involved in the entire payday lending process. On our part, we steadily strive to enlighten customers with all the necessary insights that relate to getting a payday loan – specifically how the entire process works, the best steps to take to properly utilize their payday loan offer to help cater for that pending financial need. These kinds of useful information are consistently published in the the blog section of our website or sent out as regular payday loan updates whenever a customer chooses to subscribe to one of our online email newsletters. By doing this, users are properly educated on the many technicalities involved in payday lending. The two agencies that are responsible for creating and enforcing payday loan laws that in turn helps to guarantee the best interest of users from unfair lending practices are:
  • The Consumer Financial Protection Bureau
  • The Federal Trade Commission (FTC)
Our primary goal at InstantPaydayOH is to provide our users with the most control of how much funds they have access to in terms of payday funding in the best user-friendly and conducive environment possible. You also have every right to decline a payday loan offer from a direct lender if you find it unsuitable for you. On approval of your loan request, your designated direct payday lender will disclose all the necessary details that relate to the loan’s fees, APR, as well as all renewal options that concern the entire payday loan term. We thus advise all our users to ensure that they diligently go through the agreement to see if it’s one that you are willing to proceed with, depending on your current financial condition. Ensure to pay special attention to all relating non-payment fees to know exactly if you’d be able to cope with it, should in case there’s a delay in your loan settlement. We also advise users to be free to communicate with their respective direct payday loan lender when necessary to discuss other effective ways to settle a delayed loan payment. Finally, make it a habit to thoroughly read through the various laws that concern getting a payday loan in your residing state. These regulations are not consistent and tend to change with time. You never want to be caught hanging, thus having to pay a higher rate than usual on a payday loan offer; thus, it’s best to stay updated on these rules and regulations. You can get better insights on the various payday loan regulations that relate to your current state of residence from:
  • Paydayloaninfo.org
  • NCSL.org
To better understand your current payday loan offer, kindly contact your lender directly. InstantPaydayOH is only concerned with answering our service-related questions.

Payday Loan Rates and Fees

The cost of getting an online payday loan offer is usually conveyed as an annual percentage rate (APR) that covers all the necessary interest fees relating to your offer.

As discussed earlier, InstantPaydayOH doesn’t operate as a direct lender or financial institution. Therefore, we are not to be held responsible for any credit-making decisions; neither are we in charge of regulating rates and fees of our lenders at any time for a specific loan offer.

InstantPaydayOH is here to quickly provide you with the right kind of cash advances, specifically for those who have consistently faced disappointment by traditional lenders. We stand as that reliable bridge that links you with the best possible direct payday loan lender for your lending purpose.

That being said, the following factors are to be considered in effectively determining the rate and fees attached to your payday loan offer:

  • Interest rates
  • APR

Payday loan rates and fees also vary, depending on your current financial status, lender, and your payday loan terms.

A good knowledge of payday loan interest rates and fees will help you know exactly how to schedule your monthly payments on the loan offer properly.

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Payday Loan Interest Rates

Your payday loan interest rate depends majorly on the kind of direct payday loan lender that you’ll be working with, your designated loan term, and your current financial condition.

But still, online payday loan interest rates usually fall between 15% and 20% of the principal loan amount. Also, while rates may differ widely, payday loan direct lenders may charge up to a 400% APR.

Thus, rather than just accepting the first payday loan offer you get from a lender, try and take some time out to conduct a quick background check and compare different instant payday loan offers for bad credit to find the best interest rate that best suits your lending purpose.

Late payment/settlement on a loan offer may accrue larger interest rates.

Payday Loan Repayment Options

Our different payday loan offers can be paid in full or part. But basically, all loan payments are meant to be settled at the end of the designated loan term (length of the loan).

A full payment of a payday loan offer covers the settlement of the initial principal loan amount and all accrued fees as listed in the loan term. This amount can be paid before or on the exact day when the loan repayment offer is due, which is usually set to your next payday, except otherwise stated.

The practice of paying back a loan offer by its due date gives you a better opportunity for more funding offers and at better rates, as this shows lenders that you are trustworthy.

Meanwhile, a part payment can come in pretty handy if you cannot keep up with your current loan terms and would love to extend it to a time when you know that you are comfortable paying back. But it’s important to note that this usually attracts higher payday loan rates and fees.

Whatever the issue may be regarding your payday loan repayment term, feel free to communicate it with your direct payday loan lender to see how the both of you can have it resolved.

Annual Percentage Rate (APR)

Every payday loan offer type has its specific annual percentage rate (APR), so it’s always best to check with your direct payday loan lender to confirm all corresponding fees.

Your payday loan annual percentage rate serves as a major factor that accounts for uniformity among different payday loan sources to ensure easy comparison in payday loan rates and give you an easy decision-making process for which kind of funding offer to go for.

Meanwhile, the Annual Percentage Interest Rate (APR) on an instant payday loan offer is calculated by dividing the total interest incurred by the offer by the principal loan amount and multiplying the result by a year-long period (365 days). The calculation result is then divided by the total length of days agreed for repayment of the loan offer. The final result is then multiplied by 100.

Mathematically, the APR calculations on a $500 loan that is to be paid back within a 30 days interval will look something like this:

Amount of interest on loan = 15% x 500 = $75

Thus, amount of interest = $75;

Amount of interest/loan amount = 75 ÷ 500 = 0.15;

(Amount of interest/loan amount) x 365 = 54.75;

((Amount of interest/loan amount) x 365) ÷repayment date = 54.75 ÷ 30 = 1.825

(((Amount of interest/loan amount) x 365) ÷repayment date) x 100 =182.5%

Now, you will notice that these online payday loan APRs are usually higher than most traditional loans offered by banks and other lending institutions. Still, one of the things you should know is that these funding options are just meant to help you survive a few days or weeks’ worth of financial setback(s) rather than several years’ worth of it. Also, payday loan funding requirements are less burdensome than other traditional sources.

Other factors that are to be carefully weighed when getting a payday loan offer include origination fees and other applicable charges, late payment fees, and refinancing options.