What are average costs of a payday loan?

What are average costs of a payday loan?

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Types of payday loans and alternatives

  1. Installment loans allow a customer to borrow a specific sum of money that is determined at the time the loan is initiated. Payments are then made over a fixed schedule that was agreed upon at the time of the loan agreement. A benefit for some consumers is that many installment loans can be utilized without a hard credit check and can be approved after an assessment of the customer’s personal financial situation
  2. Car title loans are a type of secured loan where the borrower’s vehicle title is used as collateral for the loan. Car title loans are typically short term and carry a high rate of interest.