Paycheck loans are a category of personal loans, but the variation of these loans from personal loans is that the money is given on a processing fee for a bi-weekly or weekly basis and not based on interest. Interest is not present in paycheck loans; instead a processing fee per $100 is applicable.

In terms of APR involved in paycheck loans it is popularly averaged to be 40% there are still lenders who lend for even higher APR!  A series of non-repayment of paycheck loans over a year can cause it to go as high as 2000% and that is hilarious.  The 40% APR for a decently repaid paycheck loans by itself is considered costly, if one happens to roll over without repaying the primary loan then the resultant APR can be quite frightening.

The lenders from whom paycheck loans are obtained are another major deciding factor.  Licensed lenders tend to fund at a comparatively lower interest rate than those that are not licensed.  The latest of paycheck loans offer at $10 per $100 and they are popularly called as $10 loans these days.

Getting paycheck loans are the easiest of all loan processes; the difficult part is repayment promptness.  Taking things light when it comes to repaying the money can have its own adverse effects.  As far as repayment is done on time to paycheck loans there is no other money system that can come for your rescue as quickly as these funding systems.

The minimum eligibility of just having to be 18 years of old, a checking account, and an employment that pays minimum $1000 is one of the liberal loan eligibility norms that one can find in the market.  To add up to the borrower’s advantage, paycheck loans do not look in to bad scores.

The amount of lending is $100 to $1500; however, it is up to the discrimination of the lender to decide on how much money can be reasonably lent.  In most cases they do not refuse small loans like $100 to $300 for people who have just a social security income too!

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