Low Cost Payday Loans

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Author:
Carrie Reeder

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.

About the author:

See my recommended Fast Payday Loan companies online. Carrie Reeder is the owner of ABC Loan Guide, which offers help with loans for people with bad credit.

A Quick Note From The Publisher... If you like the article above, you may be interested in the following article which is also related to Payday Loans... How Payday Loans And Cash Advances Work If you have the need for a Payday loan or cash advance loan, I have good news for you! Payday loans and cash advance loans are very easy to obtain. Payday loan and Cash Advance loan stores are readily available in most areas. First you must decide if you would like to talk to someone in person about your payday loan/cash advance, or if you would like to do your payday loan/cash advance business online. If you choose to see someone in person, there are Payday loan and Cash Advance loan stores in most cities. Simply check your local telephone directory for a location near you. You may want to call and ask what paperwork or verifications you might need to have with you in order to obtain your payday loan or cash advance quickly. Most require at least one form of picture identification, your most recent check stubs and your most recent bank statement. Each Payday loan and cash advance loan store has it's own requirements, so some may vary from another. Each Payday loan/ Cash advance loan carries a fee and an interest rate. These fees and interest rates should be very well outlined for you by the Payday loan company. (You can compare some different companies here: http://www.thegiftedone.com ) There are usually set rates for set amounts of the Payday loans or cash advances. For example, a $300.00 dollar Payday loan or cash advance may carry a $25.00 flat fee. That means, as long as you repay your Payday loan or cash advance on or before the date agreed upon by you and your Payday loan agent or company, $25.00 is all you pay! Of course there are higher fees and interest rates set in place in the event that someone should default on there Payday loan or Cash Advance loan. It is for these reasons that you should...