Payday Loans Terms & Definitions
Need help with payday loan terminology?
Speedy Cash has a few definitions to get you started.
A payday loan – also referred to as a payday advance – is a small, short-term loan that is intended to get you by until your next pay day.
APR, or Annual Percentage Rate, is the interest rate and all fees charged for borrowing expressed as a yearly rate. So, why is it so high on payday loans? APR looks at the ANNUAL rate. Typical payday loans are intended to be paid on your next pay day, so interest doesn’t accrue annually. You will typically pay a flat rate for the amount borrowed.
If you can’t repay your payday lender, you may have the ability to refinance – or rollover – your payday loan. Refinancing your loan starts a brand new loan term with the original principal amount borrowed, in which you will pay finance charges on. If you choose to refinance your payday loan, then you will only pay your finance charges on your due date, and your principal balance will be rolled into a new term. If you continue to rollover your payday loan, the fees on the money borrowed increases. Therefore it is important to pay when the loan is due when possible.
The maturity date is the date you are expected to repay your loan in full (including the loan principal and fees). This can also be referred to as your due date.
The amount of money borrowed, excluding any fees or finance charges.
The Automated Clearing House (ACH) Network is the backbone for the electronic movement of money and payment-related data. It provides a safe, secure, electronic network for direct consumer, business, and government payments, and annually facilitates billions of Direct Deposits via ACH and Direct Payments via ACH transactions.
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