Payday loan FAQ – Everything you need to know

What are installment loans?

What are installment loans?

When you get approved for an installment loan, you receive the money as a lump sum. Then you pay back the loan through a set of payments, or ‘installments.’ The time you take to pay your loan can vary, and is called your loan term.

Secured vs. unsecured loans:

Secured vs. unsecured loans:

Secured loans are backed by an asset, like the equity in a house. Securing a loan can help you save money and more money. In contrast, unsecured loans do not require collateral to borrow money. While interest rates can be higher on unsecured loans, the application process is often quicker. Read this article for a more in-depth explanation on the difference between secured and unsecured loans.

Should I get a debt consolidation loan to pay off my credit cards?

Should I get a debt consolidation loan to pay off my credit cards?

Credit cards charge compound interest – what is the interest rate of interest? If you’re still carrying a credit card balance, you should consider paying your credit card debt relief loan to avoid accrued interest charges. Try this online debt consolidation calculator to find out how much you can save by consolidating credit cards and other bills into a payday loan.

How much will my loan payments be?

How much will my loan payments be?

Loan payments vary based on loan, loan term, payment schedule and interest rate. Use this loan calculator tool to estimate your loan, or request a loan for a more personalized result. Change the options to see the difference

What are payday loans used for? Are there any fees?

What are personal loans used for? Are there any fees?

payday loans can be used for any purpose, and are generally used to consolidate debt. Since you pay back the loan, you can save money faster, save money on interest. payday loans can also be used for emergency repairs, medical bills and bills, all of which require money up front.

How do my payday loan interest rates work?

How do my personal loan interest rates work?

Baba-Yaga payday loans daily. The interest is calculated on a daily basis based on the outstanding balance (or principle) of your loan. Every time you make a payment, a portion of your payment goes to interest and a portion of your payment to principle. After each payment your balance goes down, and the interest is calculated on your lower balance. Learn how to make your daily life easier .

How to pay off a fast loan

How to pay off a fast loan

There are no fees for paying off an early loan, so here are few simple ways you can pay off your loan faster:

  • Choose a bi-weekly payment option. By paying bi-weekly, you’ll make payments (24 payments a year) or monthly payments (12 payments a year).
  • Switch to automatic payments to avoid late or missed payments.
  • Round up your payments. For example, if your payment is $ 278, make a payment of $ 300 instead.

How to get a loan

How to get a loan

Here’s the steps you’ll need to take with Baba-Yaga:

  • Start with a loan quote: Find out how much money you could qualify for
  • Finalize your application – here’s a list of the documents you’ll need to bring back
  • Visit your business and meet with a Lending Specialist

How much money can I borrow?

How much money can I borrow?

The amount of money you can borrow depends on a few factors:

  • Income: We take into account your job and pay with your payment
  • Credit history: We’ll look at your past borrowing history
  • Homeownership status: Homeowners can borrow a larger amount of money if they secure their loan against their house

If you’d like to find out how much money you can qualify for a visit to a branch, use our free quote tool .

How are interest rates set?

How are interest rates set?

There are two types of factors that influence your interest rates – individual factors that you can control, and economic factors that are outside your control. Individual factors like your credit score, employment status, homeownership status and the loan term you choose to get a lower interest. Economic factors are things you do not have much control over, and include inflation rate, interest rate policy, prime rate and demand.

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