Torches Loans
Our Online Service – Your Advantage
What is Torches Loans?
Torches Loans is a short-term loan connection service that helps borrowers find a lender they can qualify with. Though we are not a direct lender, our partners offer loans from $100 to $2,500 to all credit types. It can be helpful if you’ve had trouble finding a loan because of your credit score, a past bankruptcy or your nontraditional form of income, like government benefits.
Why Torches Loans?
Torches Loans is a payday loan connected service to connect you to a range of top, reliable and reputable online lenders. In addition, we can introduce you to a selection of lenders and give you a greater choice of payday loan. Torches Loans can help you meet urgent financial expenses that can’t be postponed until your next paycheck. Our convenient online application and comparison system makes it very easy for consumers to apply to a large number of lenders in one simple motion.
Torches Loans
With a quick application and an expansive lender network, Torches Loans is an ideal solution for customers looking for funds in a hurry. Torches Loans’s preapproval process helps customers match with direct lenders more easily, taking some basic details and searching through the extensive network of partners to find those loan providers that are most likely to offer favorable terms.
This model has the added benefit of giving customers additional choices and lowering the cost of financing as lenders compete for a borrower’s business. Torches Loans is also a great service for those customers who prefer multiple options and elect to shop around for loans, but do not have the time or means to visit a variety of different lenders individually.
Torches Loans
Torches Loans does not charge the consumers any fees and there is no fee to apply online. If approved for a loan, your lender will present you with the exact fees and interest rate of your loan prior to your acceptance of the loan.
Step 1: Decide & Apply
* The basic things to prepare while writing down the loan application are:
- - Your ID.
- - Over the age of 18.
- - Proof of address.
- - Your bank account number.
Step 2: Compare & Sign
* Check before signing the loan contract and compare the following aspects:
- - Interest rates.
- - The total amount owed.
- - Due date.
- - Any additional fees.
Step 3: Get Your Money
The Last step usually takes a few hours after you send the form but the last one is exciting because you receive money. As a rule, lenders send cash advance amount to bank account.
Get Cash Now 03Torches Loans Rate
Payday loans rate depend on direct lender
Do payday loans affect your credit score?
Unlike most loans, which require a minimum credit score for acceptance, payday loans don’t have any credit requirements. To apply, you need to present proof of income and a checking account, but the lender doesn’t look at your FICO score. Likewise, records of timely payments don’t appear on your credit report. So, a payday loan can’t help you build credit, and applying for one doesn’t impact it, either.
However, there are ways these loans can affect your credit, especially if you can’t keep up with your payments. Part of getting a payday loan involves leaving a post-dated check, or giving the lender access to your checking account if you apply online. When the loan comes due, the lender deposits the check or withdraws what you owe. If you don’t have enough in your account to cover the amount you owe, you could bounce a check or overdraw your account.
Bounced check and overdrafts don’t adversely affect your credit score, but they can prompt lenders to send your loans to collection agencies. Debt collection agencies tend to report unpaid debts to credit reporting agencies. Collections agencies can also sue you over unpaid debt, which can also lead to those debts appearing on your credit reports.
Some short-term payday loan alternatives offered by credit unions and lenders do report to credit agencies. If one of the reasons you’re using payday loans is because you have poor credit and can’t get approved elsewhere, these options might be worth looking at.
Torches Loans Rate
Payday loans rate and fees are different in any states. Many states severely control the payday loans industry, and in a few states, they are not legal at all. Being familiar with the laws will help you detect whether a loan operator is legit or simply trying to scam you. To be fully informed, check out the legal status of payday loans by state.
Payday loans range in size from $100 to $1,000, depending on state legal maximums. The average loan term is about two weeks. Loans typically cost 400% annual interest (APR) or more. The finance charge ranges from $15 to $30 to borrow $100. For two-week loans, these finance charges result in interest rates from 390 to 780% APR. Shorter term loans have even higher APRs. Rates are higher in states that do not cap the maximum cost.
| Loan Amount | Fee Amount | Total Payment | APR% |
|---|---|---|---|
| $100 | $20 | $120 | 521.42% |
| $200 | $35 | $235 | 456.24% |
| $300 | $50 | $350 | 434.52% |
| $400 | $65 | $465 | 423.66% |
| $500 | $80 | $580 | 417.14% |
| $600 | $95 | $695 | 412.79% |
| $700 | $110 | $810 | 409.69% |
| $800 | $125 | $925 | 407.36% |
| $900 | $140 | $1,040 | 405.55% |
| $1,000 | $155 | $1,155 | 404.10% |
Remind: This is Not True Rate & Fees. It's example of loan 14 days, Total Payment and APR%. Payday loans Rate and Fees are different in your state and depend on Direct Lenders. If you need to know true Rate & Fees please contact your Lender.
Understand the laws in your state
Many states severely control the short term loans industry, and in a few states, they are not legal at all. Being familiar with the laws will help you detect whether a loan operator is legit or simply trying to scam you. To be fully informed, check out the legal status of short term loans by state.