Ten Dollar Payday Loans
Ten Dollar Payday Loans claims that you do not have to worry about faxing documents because they have eliminated that entire process. Like any business if Ten Dollar Payday Loans is unable to verify information on your application then you will have to fax them specific documents. Now you just get on the Ten Dollar Payday Loans website, and fill out an application that can be pre-approved instantly. After you are completely approved your principal loan amount will be directly deposited into your checking or savings account. You can get up to a $1000.00 payday loan.
Ten Dollar Payday Loans will automatically debit your checking account when your payment due. They will only take out finance charges unless you pay the loan in full or make other payment agreements to partially pay your principal. If you do not have the money to pay in full or partially you can roll-over your loan up to four times before having to pay anything on the principal. If you do roll-over there are additional fees that apply. Ten Dollar Payday Loans will automatically roll-over your loan if you do not pay your loan in full.
The annual percentage rate (APR) on a 14 day Ten Dollar Payday Loan is usually around 782% which ends up being about $30.00 for every $100.00 borrowed. They call themselves the Ten Dollar Payday Loan apparently because for new customers you only have to pay $10.00 per $100.00 you borrow. If you are a new customer hoping to get this deal, but also want to roll-over your loan forget about it. Because regardless of it being your first payday loan you have with Ten Dollar Payday Loans, and you decide to roll-over a loan you still get charged the regular finance charges. Which is $30.00 not the advertised $10.00 per $100.00.
When you are ready to pay off your loan you have three options to do so with Ten Dollar Payday Loans. Your first option is called automatic renewal which can only occur four times. Also this will occur automatically if you do not pay your loan in full or partially pay off your loan without anyone contacting you. Your next option is called paydown or partially paying your principal balance. If you decide to use this option you have to let Ten Dollar Payday Loans know at least three business days before your payment is due. The last option is paying your loan off. With this option you must again let Ten Dollar Payday Loans at least three days before your payment is due. You can pay your loan off in full anytime between the day you receive your loan to the day the payment is due with out any additional costs. After you do pay off your loan you have to wait at least three business days before you can receive another payday loan.
You can get a loan with Ten Dollar Payday Loans if you only get paid once a month because most of the time your payment is due on your next payday. You can also receive a loan if you only receive social security payments or disability payments as long as you get paid at least once a month.
If you decide that you do not need the payday loan, you have to fill out and fax a signed cancellation form within 24 hours of receiving the loan. If by chance Ten Dollar Payday Loans has already automatically deposited the money into your checking account they will turn around and debit your account for the principal amount.
After comparing several payday loan companies Ten Dollar Payday Loans seems a little sketchy. There are several other payday lenders that operate just like Ten Dollar Payday Loans, so to make sure you are getting the best payday loan just look at their frequently asked questions page. You can usually tell right off what companies are there to help you and what companies are there to make themselves some money.