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Payday Loan Services Report Definitions |
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| Cash Advances | ||
Often payday loans are also referred to as cash advances. |
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| Pay Dates | ||
These are the dates of upcoming paydays. |
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| Cost of Credit per $100 Borrowed | ||
This is the fee per $100 borrowed; for example, for a two–week loan of $500 with a fee of $30 per $100, the cost of the loan is $30 X 5 or $150 plus the original balance to total $650. |
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| APR (Annual Percentage Rate) | ||
A calculation based on the fees associated with the loan, which is typically in the hundreds or thousands percent range. However, many services offer a prorated fee for early repayment. |
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| Loan Extension or Renewals | ||
For a fee, the service can extend a due date. Check the loan services’ FAQ pages for Loan Extension or Renewal policies. |
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| Loan Service's Home | ||
This is the location related in the contact information according to their Alexa page. |
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| Loan Service - Online Since | ||
This is when the service went online according to Alexa. |
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| Cancellation of Loan Option | ||
This provides an opt–out option after funds have been deposited. Some services will release borrowers from their loan agreement if they return the funds within 24 hours, check with the service regarding its cancellation policy. |
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| Various Payment Options | ||
Typically, the service will offer several repayment options in the event that the balance cannot be paid by the due date. However, all policies are different and need to be evaluated on an individual basis. |
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| Time Period before Applying for Another Payday Loan | ||
Once a loan is repaid, this is the required time lapse before the borrower can apply for the next loan. |
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| Loan Qualification with Outstanding Payday Loans | ||
Some services will allow borrowers to take out a loan even if they have an outstanding loan with another service. Check the service policy regarding this. |
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| To read all of the report definitions, click here. | ||
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