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Instant Cash Loans - Avoiding High Fees
You have heard the stories of people taking out a cash advance
only to owe more in finance charges than in principal. You can't
help but ask - how did this happen? Will it happen to me? You
can avoid such situations if you shop wisely for a cash advance
company and pay your loan on time.
Rolling Fees
Cash advance lenders charge on average $15 for every $100
borrowed. If you were comparing APR, it would be 390%. Some
lenders' APR can be as high as 1000%. This usually occurs when
the pay back period is calculated in days rather than weeks.
So a cash advance of $100 will require a payment of $115 on
payday. If that loan is rolled over for another two weeks, the
loan payment will be $130. Do that for four pay periods, and you
will owe $60 in finance charges. After seven pay periods, $105
in finance fees will be racked up, more than the original loan
amount.
Research Rates
One way to avoid this situation is to research rates prior to
taking out a cash advance loan. Investigate rates of lenders and
understand their payment structure. You can also search for
first time deals online that reduce or eliminate some fees.
Pay Back Your Loan
Plan on paying back your loan on your payday. This is the surest
way of avoiding those rolling fees. You can arrange with your
lender to automatically deduct your payment when you are paid.
Some lenders default to only a partial payment, but you should
request a full payment. Cash advance companies may present it as
a benefit, but you are only increasing your finance fees.
Other Credit Sources
If you need a long term loan, then consider your other sources
of credit. Credit cards and personal loans offer a better APR.
But you should be aware that they will negatively impact your
credit score.
Another option is to use a credit counseling service. Through a
confidential meeting, a counselor can help you plan your
finances. They can also point you toward financial services,
such as debt consolidation.
Car Loan Financing - Finding A Good Lender
When purchasing a new vehicle, most people don't have enough
funds to pay cash and must obtain car loan financing. After
deciding which type of car to buy, the next important step is
finding a good lender. While you may have no problem... ...read more
How To Get An Auto Loan With Bad Credit?
Copyright 2005 Dean Shainin
You have found the car of your dreams, but you know your credit
is not the greatest. You ask yourself, "How can I get an auto
loan with bad credit?"
You are not alone. Thousands of people ask the same... ...read more
Lower Bills With Debt Consolidation - Refinancing Vs Home Equity Loan
Consolidating your debt can help you lower your monthly bills
and interest rates. While refinancing and home equity loans can
both help you pay off accounts, they have their own benefits.
The best choice depends on your current mortgage terms... ...read more
Refinance Car Loan - Secrets Revealed
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Remodel your Home - Take a Home Improvement Loan
Home, a place where you live together with your close and loved
ones, may mean the whole world to you. You always wanted to make
your home a better place to live, giving all comforts to your
family. You can do this just by making improvements in... ...read more
