What is the difference between an Emerge loan and a payday loan?
Emerge loans are offered by FDIC community banks and federally regulated credit unions that offer fair interest rates (from 9.9 percent to a high of 19.9 percent APR) with 4-8 months to pay them back, and can build your credit if you repay on time. Also, it’s easier to pay Emerge loans back because payments are automatically transferred to the financial institution via direct deposit. Alternatively, payday loans are typically due the next payday and frequently charge up to 400% APR or higher.
