Payday Loan And Its Fees

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Payday Loan And Its Fees
Payday loans offer fast cash with no credit checks for relatively small finance fees. The important thing to remember with rates is that you are only paying them for a few days, not years. In the end, you should be paying fewer finance fees than with a credit card or loan. However, if you roll over you payday loan over several pay periods, your loan can get very expensive.

APR - A Comparison Tool

According to the US government, payday loan companies are required to disclose the annual percentage rate (APR) of a loan before you sign any agreements. While this makes sense for long-term loans, a payday loan on average is paid off in 17 days.

While an APR doesn't tell you the true cost of the loan, it is a helpful tool to compare lenders with. An APR is suppose to include both fees and interest rates. By simply finding the lowest APR, you will find the best rates on a cash advance.

Finance Fees

Finance fees come in the form of interest rates or flat fees. Finance fees vary, but $15 for every $100 borrowed is average. Some lenders waive part of the fee for first time borrowers, so it pays to shop around.

Save On Fees

You can save on fees by paying your loan back as soon as possible. Some lenders charge a finance fee by the day where others charge for a pay period. Ideally, you want to pay your loan on the first day you get your paycheck. Most online lenders will automatically deduct both your cash advance amount and finance fee.

If you can't pay the entire amount, then pay at least a small portion of the principal. Call your lender and ask about rolling over the loan to avoid any late fees. Don't bounce a check to your lender as you will only rack up fees.

If you plan on using payday loans for several periods, a better idea is to look into a credit card or line of credit. For long term loans, you will find better rates than with a cash advance.

To view our recommended sources for payday loans online, visit this page: Recommended Payday Loan Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans online.

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Compare Payday Loan Companies And Get The Lowest Rate

Payday loan companies vary in the rates they charge customers. You can find low rates by comparing the offers of payday loan companies. The annual percentage rate (APR) is an easy tool to find who has the best deal. You also want to take a look at payment plans to make sure you don't get taken in by late fees.

Look For The APR

The APR is the cost of the cash advance for a year. Fortunately, the majority of people pay off their payday loan is less than 30 days so they don't pay such high fees. But by comparing the APR of several lenders, you can find the best deal.

Most often the APR will be listed in the ''FAQ' or ''How It Works' section of an online payday company. If you can't find it, simply email the company with a request. By taking a few minutes to compare rates, you can save a few dollars.

Finance Fees

The actual cost of your loan will on average be about $15 for every $100 you borrow. A payday loan company charges the same rate to everyone since there are no credit checks. In the company's eyes, everyone has the same credit background. The only variable is your income level, which will determine in part how much you can borrow.

Some online payday companies also offer a reduced finance fee for first time borrowers. You will want to make sure they have a competitive rate to begin with, but it is certainly worth checking out.

Payment Plans

One way payday loan companies can get you is by delaying payments. They might just debit the finance charge or a small part of your principal from your checking account. While the small charge may seem nice, you are actually adding on more financing fees for the time delay.

When you apply for a cash advance, make sure you opt for the full payment on the day you get paid. Some lenders will automatically default to this plan; others will require you to call or fax your request to the company. You can always change your mind later on.

To view our recommended sources for payday loans online, visit this page: Recommended Payday Loan Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans online.


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Payday Loan And Its Fees
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