Debt refinancing is totally possible with online payday loans.
This gives consumers the right to take up a second loan, even when they are yet to pay back on their previous settlement.
Still, there’s a lot for you to consider when taking up a second loan, some of which include:
All these contribute to your ability to pay back a loan offer, even though you already have one whose payment is still pending.
When hunting for a second payday loan from a direct lender, you must consider the following:
Lenders may want to capitalize on your current state of finances to help grow their profit.
This is why it is imperative to always be on the lookout for lenders like these. Then try as much as possible to stay far away from them.
The sole purpose of a direct payday lender is to help you with all the necessary financing you need to deal with a financial crisis. They are not there to loot from you.
Furthermore, when looking for where to get a second payday loan, it’s best to go for a platform whose network of direct payday lenders are both trustworthy and reliable.
That’s where we come in at InstantPaydayNV.
Our network of direct payday lenders is carefully chosen to meet all our customers’ needs.
Interest rates and fees vary also based on a direct payday lender, which, in turn, reflects in your loan terms.
Your ability to communicate effectively with your direct payday lender gives you better room to negotiate a more feasible repayment term for your second loan offer.
Payday loan interest rates vary based on direct payday lenders. This also plays a crucial role in your ability to pay back both loan offers in your next settlement.
When applying for a second payday loan from a direct payday lender, the designated lender will communicate all the necessary details that relate to the new loan offer.
This covers the new amount that is to be paid as interest and APR fees.
The cost of applying for a second payday loan is also conveyed as an annual percentage rate (APR), as it was in your previous offer.
An Annual Percentage Rate (APR) is the cumulative sum of all interest rates and fees relating to an online payday loan offer.
That being said, the following factors should be considered when trying to get a second payday loan no credit check offer:
There’s no solid way to determine precisely how much to pay as interest on your second payday loan offer, as this value is totally dependent on your direct payday lender. But still, online payday loan interest rates usually fall between 15% to 20% of your principal loan amount.
For instance, if you are looking to take up an additional payday loan offer of $100 on top of your pending payment of $500, and let’s say your direct payday lender decides to charge you an interest rate of 15%. Your loan settlement for the second payday offer will look something like this:
Amount of interest on payday loan = 20% x 100 = $20;
The total amount on second payday loan settlement = Payday Loan Amount + Interest Cost;
= $100 + $20 = $120;
Thus, you’d be expected to pay back a total of $120 on the settlement of your second loan offer.
Note that online payday loan direct lenders will only charge you a higher interest rate if the risk involved in approving your funding request is high. Thus, you can be sure of getting higher interest rates when applying for a second payday loan from a direct lender.
While online payday loan rates may vary for a second loan, lenders may charge up to 400% in APR fees.
Payday loan APRs go a long way to ensure an easy comparison in payday loan rates and make it really easy for you to decide on the specific second payday loan offer to opt for
The Annual Percentage Interest Rate (APR) on a second short-term payday loan offer is calculated by dividing the total interest accrued on the loan by the original loan amount and multiplying the result by a year-long period (365 days). The calculated result is then divided by the total length of days agreed to settle on the second loan offer. The final result is multiplied by 100 to give you the exact APR cost on that loan offer.
Mathematically, the APR calculations on your $100 second payday loan offer that is to be paid back in two (2) weeks time (14-days) will look something like this:
Amount of interest on loan = 20% x 100 = $20
Thus, payday loan interest = $20;
Amount of interest/loan amount = 20 ÷ 100 = 0.2;
(Amount of interest/loan amount) x 365 = 73;
((Amount of interest/loan amount) x 365) ÷repayment date = 73 ÷ 14 = 5.214
(((Amount of interest/loan amount) x 365) ÷repayment date) x 100 = 521.4%
Now, you can see how getting a second payday loan goes a pretty long way in increasing the total amount of money you are required to pay back in your loan settlement.
Online payday loan direct lenders will only offer you shorter loan terms on a second payday loan due to the level of risk involved. This, in turn, accrues a lot of fees and charges.
This is why it is always good to pay back on an online payday offer when due.
When you have two pending debts on your hands, it isn’t easy to plan your expenses for the month.
We, therefore, advise that you take out time to plan and draft out a good-working budget that would help you stay on track on your loan settlements.
You also need to factor in the financial implications of missing out on your loan payment when it’s due, as this usually comes with accrued fees and charges.
Still, there is no exact fixed time for you to wait before you can apply for a second payday loan offer, even with your current pending payment. The decision is all yours to take.
Disclaimer
Short term loans are emergency credit loans that have been designed for short term financial issues. The loan amount is small and limited to a fixed upper limit. The loans are exclusively created for the short term and will become expensive burdens when extended and used for long-term purposes.
The operators of Instant Payday NV are not lenders. We are neither a bank nor a financial institution. We are not involved in the process of making credit-based decisions related to lending, offering loans, or collecting repayment.
The website has been created to act as a bridge, a connecting agent between the applicants and the moneylenders. We do not charge any fee to process the loan application or help our customers find a reliable match for a loan from a third-party lender. We do not oblige any user/ customer to contact the lender or to accept a loan application.
The data present on the website related to short-term loans and the industry practices are for information purposes only. Instant Payday NV does not collect, store, or access the details related to fees and charges levied by the lenders. We do not endorse any of the lenders in the network.
Short-term loans are not available in all states. Not every lender in the network can offer a loan of up to $1000. We cannot guarantee that the loan application will be approved by a lender. Instant Payday NV also cannot guarantee that every application will be successfully matched with a lender or that the lender will provide the applicant the loan amount.
The lenders might perform a credit check through one or more credit bureaus (which include but are not limited to the major credit bureaus) to determine the reliability of the applicant. The lender will also need to perform other verifications such as confirming the social security number, national ID, driving license number, or any other identification documents submitted by the applicant.
The terms of the loan proposal depend on the lender and various factors such as the federal laws and state laws, or industry regulations. The terms and conditions of the loan proposal will vary from lender to lender and from one application to another.
APR Representation
APR (Annual Percentage Rate) is the interest rate calculated per annum for the loan. Instant Payday NV is not a lender. We do not have the required information pertaining to the rules, regulations, and terms used to calculate APR by individual lenders. APR calculations vary from one lender to another, one state to another. They also depend on various factors that decide the APR of a loan. The credit rating of the applicant can be one of the reasons.
Any other additional charges including but not limited to the origination fee, late payment fee, non-payment penalties, or non-financial that include debit collecting actions, late payment reporting, etc. come under the responsibility of the lender.
Instant Payday NV has nothing to do with the payments charged by the lenders or the action taken by them. We do not maintain any information regarding the same. The charges and actions are to be fully
disclosed by the lender as a part of the loan agreement. The calculation of APR is the annual rate and not the financial charge of the product.
Implications of Late Payment
We highly recommend our customers to contact the lenders to enquire about the possibilities of late payment. In the case where late payment is considered possible, the late payment fee is applicable and implied. The laws of the state and the federal govern the cases of late payment fees and vary vastly. All details related to the procedures and costs associated with late payment are disclosed in the loan agreement. Customers should carefully review the terms before signing the contract.
Implications of Non Payment
In case of nonpayment of the loan, both financial and nonfinancial penalties may be implied. The charges for nonpayment and late payment are disclosed in the loan agreement. Additional actions related to nonpayment’s such as renewals or extensions can be implied upon given consent. The terms of renewal are disclosed in the individual loan application. Additional renewal charges may also apply.
Lenders may perform debt collection practices. The practices are adjusted as per the Fair Debt Collection Practices Act and any other federal or state laws related to the industry to ensure that the customer or the loan applicant does not end up being a victim of unfair trade practices. Most of the lenders do not use outside debt-collecting agencies to recover the loans. They use in-house methods to collect the debt from the applicants.
Late payment and nonpayment of the loan might have a negative effect on the credit rating and further decrease the rating. This may cause them trouble over time. Lenders may report to credit bureaus such as Experian, Equifax, Transunion, etc. In such instances, the late payments and nonpayment’s may be recorded and remain in the records for a certain period.
