The rate of interest that was applied on a payday loan was 800 percent previously. The United States Congress has taken care of this. They have taken the steps to limit the rate of interest. Thereafter, the rate of interest is way low at 36 percent. Thanks to our President Barack Obama and his government. Leading by example he initiated quick action, and believes in extending this facility to all the citizens out there. Seeing many low and middle income families suffering from small term finance, he came up with this idea. These people were facing an uphill task repaying their debts.
The lending companies are requested to share the information about new interest rates in the online application from which is quite helpful to the borrower.
I would strongly discourage you from going directly to a particular payday lender as you never really know if you are getting the best rate. Instead, the most efficient way to receive multiple quotes and get the best deal on your short term loan, is to utilize a multiple lender website that is affiliated with several
fast cash companies. These websites will make the payday loan companies compete over your loan and therefore you are able to choose the one that was able to offer you the best deal. Going through a multiple lender website will save you time and money and they have consistently offered consumers the best market rate available. They are free to use and are by far the most convenient method to get quick cash.
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