What is the typical payday loan size in the US? | RixLoans

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The average payday loan amount is $300-$500 and has an APR (Annual Percentage Rate) between 400% and 600%. This means you will pay four times your original amount over one year.

The interest rate on a payday loan is based on your credit score. You may be charged as high as 1,000% APR if you have bad credit or no credit history.

The cost of a payday loan depends on how much money you need, the length of time you want to borrow it, and your state’s regulations. In general, the longer the term, the higher the cost. 

What is a RixLoans payday loan?

A payday loan from RixLoans is a short-term cash advance designed to provide quick access to funds when unexpected expenses arise. A payday lender offers customers a small sum of money that they use to cover their bills until the next paycheck arrives.

Typically, borrowers must make two monthly payments: one covering the principal balance and another covering the accrued interest.

What is the cost of a RixLoans payday loan?

The payday loan cost can vary depending on the lender, the amount you borrow, and the time you need to repay the loan. Generally, a RixLoans payday loan costs a flat fee plus a percentage of the amount you borrow.

For example, if you borrow $100 for two weeks, you may have to pay a $15 flat fee plus a $10 percentage fee for a total cost of $25. The payday loan cost can also vary depending on the time you need to repay the loan. For example, if you need to repay the loan in two weeks, the cost may be higher than if you need to repay the loan in four weeks.

How Are Payday Loan Finance Charges Calculated?

There are a few things to consider when determining how much finance charges will be applied to a RixLoans payday loan:

  1. As the finance charge, the borrowed amount is typically a percentage of the total loan amount.
  2. The length of the loan, as shorter loans will have higher finance charges than loans with longer repayment terms.
  3. The interest rate will also influence how much finance charges are applied.

For example, you borrow $100 for a two-week payday loan with a 15% interest rate. The finance charge on this loan would be $15, which is 15% of the total loan amount. If you were to extend the loan for another two weeks, the finance charge would be $30, which is only 15% of the total loan amount. However, if you were to extend the loan for a month, the finance charge would be $60, which is 20% of the total loan amount.

As you can see, the finance charges on payday loans can vary depending on several factors. Understanding these before taking out a loan is essential to prepare you for the costs.

What Are The Requirements to Get a RixLoans Payday Loan?

  • Proof of income: To get a payday loan from RixLoans, you must show proof of income. This could include bank statements, tax returns, W2 forms, or other documents showing that you earn enough money to qualify for a loan.
  • Proof of identity: You must also prove your identity by providing identification such as a driver’s license, passport, social security card, birth certificate, or utility bill.
  • Checking account: You must also open an account at the lending institution where you plan to take out the loan. This account should contain sufficient funds to cover the entire loan amount.
  • Age: To be eligible for a payday loan, you cannot be younger than 18 years old.

How much can you borrow with a payday loan via RixLoans?

RixLoans payday loans come in various sizes, ranging from $50 to $1,000. The maximum loan amount depends on the state where you live. Some states limit the amount of cash you can borrow based on your credit score, while others don’t limit the amount you can borrow.

Can I Refinance My RixLoans Payday Loan?

In general, you can refinance a payday loan by taking out a new loan with a different lender and using the new loan to pay off the old one. This may be a good option if you find a loan with better terms than your original loan, such as a lower interest rate or monthly payments.

Before you refinance a RixLoans payday loan, ensure you understand the new loan’s terms and can afford the monthly payments. Keep in mind that you’ll likely need to pay fees to set up the new loan, and you may end up paying more in interest over the loan if you extend the repayment period.

If you’re having trouble repaying a payday loan, talk to your lender about your options. You may be able to extend the repayment period or work out a new payment plan. If you can’t repay the loan, you may get a deferral or forbearance, allowing you to stop or lower your payments temporarily.

Are There Any Other Fees Associated With A RixLoans Payday Loan?

Yes, there are other fees associated with payday loans. For instance, you may be charged a late fee if you are late on a payment. Additionally, you may be charged an insufficient funds fee if you do not have enough money in your account to cover the full amount of the loan when it is due.

What happens if I can’t repay a RixLoans payday loan?

If you cannot repay a payday loan, the lender may choose to either pursue legal action against you or sell your debt to a collections agency. If the lender seeks legal action, you may be required to appear in court and may be responsible for paying court fees and attorney’s fees.

If your debt is sold to a collections agency, the agency may contact you to collect the debt. The agency may also report the debt to the credit reporting agencies, which could negatively impact your credit score.

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