If you are in the market to take a Payday Loan it is best to be sure you have a reputable lender, one that will give you good terms and the best possible rate. Do a little research because they vary greatly.
Some lenders will only allow a 14 day loan while others will give you a monthly term. It is usually based on your pay frequency, but do some checking. Fees may be higher the longer term you have and the sooner you can pay the loan off, the better
There are lenders who will charge you as little as $15.00 per $100 borrowed, and up to as high as $30.00 per $100 borrowed. The difference is huge in what you will pay in fees.
You may find a Payday Loan lender who offers automatic renewal of the loan. This can really cost you a lot of money if you don’t watch out. They will automatically renew your loan every time it is due. They will charge you the finance fee only and not pay down any principal on your loan for five renewals. Then after the fifth, they start taking an additional $50 plus the refinance charge. The extra $50 will apply to paying down your principal. This may seem like a good way to do it, but you will end up paying three times what the original amount of the loan was by allowing this to go on. So be aware of the terms you are getting into.
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Posted in Debt Management, Payday Loans, Personal Finance.
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