APR represents the total interest cost, including fees, as an annualized rate which may appear higher than the actual overall
cost of a short term loan.
Although there are a considerable
number of short term loan providers out there, not all can provide you with the money you need quite so quickly.
So, the borrower can repay the amount in the time
span of shorter term loans but still keep the benefit of our competitive interest rates of longer term loans.
APR represents the total interest cost, including fees, as an annualized rate which may appear higher than the actual overall
cost of a short term loan.
Payday loan is simply a form
of short term loan which an individual can take against his future pay check in order for him to meet his immediate pressing needs.
The same report found that long - term auto loans defaulted at more than twice
rate of shorter term loans (8 + percent compared to 4 percent, respectively).
Lenders for certain
types of short term loans, such as Black Friday loans, don't use your credit report to evaluate your creditworthiness — they use other criteria to determine whether and for how much to approve your application.
It is a form
of short term loan to you.