The steps for applying for a payday loan are simple and can be completed within a few minutes. The initial steps allow clients to create an account within the payday service system. Once an account has been created clients will be allowed to apply for a set of small loans.

The payday service will utilize the moneylender network to find the right deal for the client. Initially clients will only be able to withdraw sums of up to 500 dollars. This is a standard loaning limit that new client's are allowed. Once the initial pay dayloan has been repaid along with the interest rate they will be eligible to access higher funding of up to 1500 dollars. The loan will be received within several hours of application regardless of the size.

Bad credit accepted

Payday loans no credit check operate on a percentage based interest rate known as the APR. It is used within all loans that are provided via the payday service. The APR is calculated at the rate of 25% of the loan and adding it to the loan sum and withdrawn together on the due date. Clients have several options to choose from, depending on the moneylender who provided the loan.

The first option allows the withdrawal of the required sum from the client's bank account. Another alternative payment option is to renew the loan and pay only the interest accrued for the period borrowed. Clients can also choose to pay via partial payments. The partial payments allow clients to repay a large loan in instalments over time. A due date can also be extended by a period of 6-12 months.

This can be accomplished by contacting the moneylender or customer representative on the website. However, increasing the due date of the loan can lead to an increase in the APR rates. A 6-month loan will increase the loan by 45% while a 12-month loan can lead to an increase in 94% of the APR rate. The payday service loans are short term and are paid by the due date. Extending a payday loan can lead to large amounts accumulating via the APR rate.