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With MoneyLion, you can borrow that same amount at absolutely 0% interest. MoneyLion strives to help people who need cash, not take advantage of them like payday loan companies do. Louisiana hats APR on installment funding at 12percent, deciding to make the APR and costs dramatically reduced for release financial products than for payday advance loans. However, installment financial products also provide considerably longer compensation periods than payday advance loan. Payday loans generally charge a percentage or dollar amount per $100 borrowed. Banks, credit unions, online lenders, and peer-to-peer lenders such as Prosper all offer personal loans. The lender performs a credit check before approving you for a loan. Some personal loans, called secured loans, also require some form of collateral, such as a car or cash in your bank account. Unsecured loans don’t require collateral, but they usually have higher interest rates.