How It Works
Fast Cash Loans
247 Dollar Loan will aim to connect you with one of the lenders in our network, who can provide you with a payday loan to cover unexpected expenses like a household emergency or car repair. A short term loan could allow you to avoid pawning personal possessions, late payment penalties or bounced check fees. We work around the clock to ensure you have access to your payday loan as quickly as possible.
The annual percentage rate (APR) is the annualized interest rate that you are charged on a cash loan. Since 247 Dollar Loan is not a lender, we are not able to provide you with information on actual rates, fees, and APR (annual percentage rates) with the loan you may receive. Rates and terms of loans may vary by state and by lender. If we are successful in connecting you with a lender, you will then get information on the APR and fees applicable to you.
An APR can range from 235% to 1304%, with the specific figure depending on how the rate is calculated and additional variables such as the duration of the loan, any fees that are incurred (late fees, nonpayment, etc.), and loan renewal specifics. Be aware of the fact that a payday loan is meant for a short-term solution only. Ensure that you use payday loan services responsibly and only borrow what you are able to pay back to avoid additional fees or penalties.
Representative APR Example
If you borrow $100 for 14 days, the lender can charge you $15 for borrowing $100 for this period. You will need to return $115 to the lender at the end of 14 days. The cost of the $100 loan is a $15 fee and an annual percentage rate of 391 percent.
Other Important Information
We only work with lenders who make it a standard practice to supply customers with complete, detailed information on loan terms and conditions prior to those customers accepting a specific loan offer. It is recommended for you to always closely and carefully examine the terms of any loan offer that you receive.
Some lenders may automatically roll over your existing loan if you don't pay back the loan on time. Fees for renewing the loan differ between lender. Usually these fees equal the fees you paid to get the initial installment loan. We insist that our lenders follow legal and ethical collection practices set by industry associations and government agencies. Please note that non-payment of a payday loan may adversely affect your credit rating.
The renewal policy will be dependent on the lender who provides the loan. If you wish to renew your loan, you should contact your lender in advance. Most lenders will charge the same rate of interest and fees for another month on the entire amount owed. Please see the details above regarding the implications of missed payments, which could affect your credit score.