We are a nonprofit organization and serve as an alternative to a payday loan. Our terms are much more reasonable, and our ultimate goal is to help our customers achieve financial stability—with no more need for payday loans.
A payday loan is a short-term, quick and convenient cash loan that must be repaid in full on the due date, which is typically two weeks. Nebraska residents’ payday loans are usually between $300 and $400 and usually take six months rather than two weeks to repay, with high fees.
Yes. For starters, they can be very expensive. Nebraska payday lenders can only charge up to a maximum fee of $15 for every $100 borrowed. However, this is still a very high fee, and can be in excess of 400% when annualized. Most credit cards charge between 10% and 25%. For example, a $500 loan from Lending Link would cost only $35, with a four to six-month repayment period, depending on what our clients can afford to repay. A payday lender would charge $75 for the same $500 loan, and require repayment in two weeks.
Consumers who use payday lenders also risk ending up in a cycle of endlessly borrowing at these high rates to bridge the gap, and landing in a very deep financial hole. Lending Link is a great alternative because you can avoid the high rates and at the same time break this cycle to achieve financial stability.