Rates And Fees

A payday loan can really help you to get back on your feet when you're in financial difficulty, but remember that there will be fees and charges involved.

Our loan request form is easy and convenient, but our lenders will charge interest rates, late fees and charges for missed payments, so it is important not to rush in without fully considering the cost

In order to keep the cost of borrowing money as low as possible, here are some things that you can do.

  • Only borrow what you need. If you borrow more than necessary, you may find that you cannot repay the money on time, and this will mean paying late fees.
  • Read the terms and conditions thoroughly before signing the agreement for your loan. Many people find agreements and contracts long and boring to read, but half an hour of your day could end up saving you hundreds of dollars.
  • Ask a trusted friend or family member to read through the agreement with you. They might be able to explain anything that you don't understand, and as they say, two heads are often better than one!
  • Make sure you know when the money is due to be paid back. If you miss it, even by just a day, you will be liable to pay the late fees.

Understanding the fees and rates of our lenders are very important. Not all lenders will have the same rates, so it's a good idea to read through the agreement in order to understand the specifics which are being offered to you in the loan.

Rates of payday loans

Since the loans our lenders offer are unsecured, meaning you do not need collateral in order to get one, there is a high rate of interest. This will be higher than the interest rates you would get if you took out a secured loan. You are basically paying more for the privilege of being able to get such an easy loan at such short notice.

To give you an estimation of what you can expect to pay in interest, our lenders interest rates generally range from $12 to $30 per $100 you borrow. A typical 500 dollar loan would therefore cost between $60 and $150. Be aware that this rate applies to those who borrow the money and then pay it back in full, along with the interest fees, by the due date which has been agreed in the contract.

The APR will then work out to be somewhere between 390% and 782%. This is the annual rate.

Checking over your contract before committing

Remember that we want to help people get payday loans in order to assist them in getting out of a temporary financial difficulty. We do not want people to rush into borrowing money that they do not really need, and we certainly don't want people to sign contracts which they do not understand.

Before you agree to the terms of your loan, you will have plenty of opportunities to contact the lender directly and ask any questions that you may have. Perhaps you don't understand the interest rates, or you're not quite sure of the consequences of late repayments. Whatever your difficulties, we can answer the questions for you. Remember to check out our FAQ page for some of the most popular questions and answers.

Late fees

If you are going to repay your loan after the due date, your loan will be subject to additional fees. If you have read the contract properly before taking out the loan, you will know exactly how much money you will need to pay in late fees. Your agreement should have a late policy which you can read over in order to understand the fees.

You will still have to pay late fees even if you have contacted the lender to make them aware that you will pay back the loan at a later date.


You will not be able to get away with simply not paying back the loan. The lender will eventually pass your details on to a debt collection agency, who will contact you in order to recover the payment which is due. The fees and interest rates will still be added to the amount you owe, and the longer you leave it, the more you will have to pay back in the end.

Renewal fees

In some cases, you will be able to contact the lender and request a renewal or extension on your loan. However, it's important to note that this is not something which is guaranteed to be available to you. Different lenders will have different policies when it comes to getting an extension on your loan. Even if you are able to get an extension, you will still need to pay a fee for this service. This means that you will be able to pay back the loan at a later date.

Your credit score

While WhoNeeds500 does no credit check when you submit your information, the lender reserves the right to check your credit history once we've connected you. Bad credit does not necessarily mean you will be rejected however. If you miss payments or you are late repaying your loan, this will negatively affect your credit rating and make it more difficult to obtain credit in the future. While on the flipside if you pay back the loan on the agreed upon date your credit rating could be improved.

Laws related to rates and fees

All lenders need to comply with state regulations when it comes to payday loans and short-term loans. They are not allowed to charge higher fees than the state allows, which means that when you take out your loan, you don't need to worry about being charged excessive fees. While they will be much higher than other types of loan, all our lenders are knowledgeable about the laws of payday loans and do not charge above the legal rate.

Getting in touch for more information

If you have general questions, you can contact our team in order to get help. If you have been connected with a lender and have questions about rates and fees, contact the lender directly in order to get the specific information that you need.

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