Why Get Payday Loans with Personal Money Network?
If you are looking into a payday loan you have come to the right place. Personal Money Network has several short-term lending options to meet your financial needs no matter what your situation is. We understand that people need quick cash for various reasons; unexpected expenses, emergency situations, and bills. No matter what your reason is, PersonalMoneyNetwork.com is here to find you the lender best suited to your situation.
Benefits of Short Term Loans
Our lending options are quick and secure. You can access our application nearly anywhere you are at any time from your computer, tablet, phone, and other mobile devices. There are several benefits to payday loans compared to other lending options including:
- No Credit or Bad Credit OK!
- Cash in your bank as quickly as the next business day
- No dings on your Credit Report
- Quick Repayment Scheme
Interest Rates on Cash Advance Loans
What about those pesky payday loan fees you hear about? We have all heard about the outrageous interest rates on payday loans, but you might be surprised to find out that those rates are actually highly competitive compared to some other lending options.
Average Annual Percentage Rates (APR) of Common Financial Situations by the $100
|Utility Bill Late Fee||$46||1,203%|
|Late Fee on Credit Card||$37||965%|
|Payday Loan Fee||$15||391%|
As you can see from the chart above, installment loans, payday loans, no credit check loans, and other short term lending options can save you money when compared to common alternatives to remedy financial emergencies.
What are Direct Lenders for Installment Loans?
Personal Money Network has a relationship with several different lenders across the United States and if you qualify for an installment loan we will match you with the best lender to meet your financial needs. Our lenders compete against each other to offer you the best loan with the best terms available. If there is a lender in our network that will offer you a payday loan, we will connect you directly to the lender.
So what are you still waiting for? Apply Today for any of our Personal Loans!
The Most Popular Types Of Payday Online Loans
With our easy application process and the ability of our lenders to quickly deposit funds to your checking or savings account, it is easy to get money for any type of emergency or short term financial problem. If you are in need of extra cash today, you can apply right now.
Average First Time Borrower Loan Amounts
- The industry average for larger Personal Loans ranges from $2500 to $10,000. Personal loans over $1000 usually require a credit check. However our personal payday advance loans are under $1000. Be sure to check out our trusted partners though who can fund amounts greater than that.
- For pay day loans the average amounts range from $300 to $1000 depending on the state the borrower lives in. For first time loans the average is $300-$500.
- Installment loans above $1000 usually require either collateral or a credit check. Our payday installment loans are under $1000 and do not require either. Average first time loans range between $300 and $700.
Does Your Credit History Matter? Not With Us!
Even though there are no credit checks with the three major credit bureaus* and it is very easy to get loans through our system Personal Money Network encourages the responsible use of payday loans, installment loans and especially personal loans along with any other form of credit. You should only turn to a short term payday loan or cash advance as a last resort, and be certain you can afford to pay back your loan and fees according to the fee schedule provided to you by the approving lender.
APR: The equivalent annualized percentage rate for payday loans and other short-term installment loans ranges from 547.5% to 999.45%, based on the amount and the length of the loan. Larger loans with longer payback periods have lower interest rates. While this sounds large, one must consider that these loans are only meant to be for a very small time-frame, usually 2 weeks. Annualizing other fees in the same manner results in APR of 2336% for a returned check fee of $32 against a $100 check, a 965% fee against a $37 credit card late fee or over the limit fee, or a 1203% APR for a typical $46 reconnect fee by a utility company.
Financial Implications: Short term payday loans are meant to be just that: Short term. Typical fees range from $15 to $40 for every $100 borrowed up to $500.00. Fees per $100 begin dropping on loans larger than $500.00. Fees are typically less than what borrowers can expect to pay for bouncing a check, having a utility disconnected, or paying a credit card bill late.
Collection Practices: If a loan becomes delinquent, attempts at collections are first conducted internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower. If, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith.
Credit Score Impacts: Short term, payday loan lenders may rely on any of the three (3) major rating agencies – Equifax, Experian, or Transunion. Generally, the borrower doesn’t have to bear concern that their score may be affected by having the loan request determined by results from these agencies, however, such determination is solely in the discretion of the payday loan lender(s), which may result in the lender(s) submitting, among other things, the borrower’s request for the loan, or the subsequent payment(s) under the loan to any of these agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.