Payday Loans

 

Payday loan's another name for a cash advance payday loan or a post-dated check loan. The way it works is this: an individual writes a personal check for the amount that he's looking for, plus a fee. Our company then provides the customer with the amount of the check, minus the fee. The loan is for a duration of time. For example, you might get a loan for 14 days. If the customer opts to roll over the loan for a few more weeks, he or she ends up paying additional fees.

The vendor providing you with a cash advance payday loan must give you information in writing about the amounts of any finance charges and the annual percentage rate charged. In essence, a cash advance payday loan is credit offered to you at an exorbitant amount. Because of the rollover feature, you could end up paying as much as $30 in finance charges on a loan for $100.

You might also be able to obtain a personal loan through a credit union at a much lower interest rate. Even if you obtain a cash advance on your credit card, the interest rate might be lower than what you would end up paying on a payday loan.

For alternatives to payday loans, you can also seek a credit counselor at a nonprofit organization.

 

 

 

 

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