What is a free payday loan?
A free payday loan is an interest-free loan granted to first time customers as long as they are able to repay the loan amount in full on the payday following the release of the loan. The loaned amount is charged against the borrower’s paycheck. Interest charges apply on the succeeding loans.
How much is the interest charged on the loan?
Interest rate varies, depending on the amount of loan and the agreement or considerations set by payday lenders. On the average, though, for every $100 loan amount borrowed, you will be charged anywhere in the range of $10-$30.
What is the term of payment?
The term of payment is two weeks from the time the loan amount was granted or released, or the next payday after the loan release.
