As a borrower, you may prefer a fixed rate of interest or variable rates on payday loans. Lenders have their own policies and they would offer you an APR according to their practices. Many lenders have a practice of offering fixed and variable rates. This should be mentioned in the quotes you receive through Sure Money. Variable rates of interest are not unique for payday loans or short term loans. Long term loans also have variable rates in some cases and this includes traditional loans from banks and nonbanking financial institutions.
The most important benefit of variable rates is the possibility of the interest being reduced at some point in time during the repayment term. It is quite possible that a variable rate will not get reviewed at all. You would effectively have a fixed rate of interest, although the quote will mention the rate as variable and even the loan agreement will have this stipulated. Lenders go for variable rates because they want the discretion to review them. They can reduce the rates but they don’t do so often. This is the not the biggest problem with variable rates though. While there is a chance you would get a better rate in the second or third month into repaying payday loans, the prospects are slim.
The most concerning problem with variable rates of interest on payday loans is the possibility of a review that favors the lender and not the borrower. Lenders have the right to increase the rate of interest if it is declaredly variable. Not all lenders are exploitative but there are some that could and perhaps would take advantage of such a provision. You need to find out more about a lender, check out its track record and discuss the possibilities of an increase in the rate to be sure.