This is different from an adjustable rate mortgage (ARM), that has interest rate
changes over the course of a loan.
With an adjustable - rate mortgage, the interest rate homeowners pay
changes over the course of the loan at set intervals.
Fixed interest rates do not
change over the course of the loan.
Not exact matches
Because these
loans are short term, the direct lenders can consider a different group
of approval criteria than a bank or credit card might; people's circumstances can
change drastically
over the
course of years or even months, but since payday
loans are repaid within weeks, your current employment situation and income are the most important factors and are easily assessed!
Of course, the only problem is those rates
change over time, and they can grow to become unmanageable if you take a while to pay off your
loan.