To View a list of all articles
about credit and credit cards click here
Find Almost Anything
Enter Search Words:
70
Tips To Get Your Home Ready for a Quicker Sale at
a Higher Profit. Click
Here Free
Report
Quick Cash Loans - The Real Cost
So many numbers are thrown around when talking about cash
advances, also called payday loans, that it can be hard to know
what the real cost is. What you actually pay for your payday
loan is usually a financing fee rather than an interest rate.
APR is used to compare the yearly cost of such a loan, even
though payday loans are usually repaid in less than 17 days.
Financing Fees
Most cash advance companies charge finance fees rather than
interest in order to get around some state laws. Finance fees
are usually charged on a pay period schedule of two weeks,
although some companies have a shorter or longer repayment
periods.
For a cash advance of $100, you can expect to pay around $15 in
finance fees. Some lenders charge more or less, so it pays to
compare rates. Online lenders usually post their rates or APR,
so you can research lenders in minutes.
If you don't repay your loan when it is due, you can roll it
over. You add on finance fees for the additional time. You have
to be careful with this option. If you put off repayment too
many times, you can end up owing more in finance fees than
principal.
Understanding APR
APR is the yearly rate of the loan, even though cash advances
are intended to be short term loans. It is figured the same way
as credit cards, multiplying the rate over the year and
including any fees. While the APR does not equal your real cost,
it is a nice comparison tool.
An APR compares the same number, regardless of lender. If you go
online, most cash advance companies will list the APR on their
website. You can also request the number from them before you
apply.
Comparing Costs
When you are trying to decided whether to get a cash advance or
not, you should compare the other costs associated with your
decision. For example, will you pay more in late fees or
interest charges by missing a payment? Will NSF fees amount to
more than a payday loan fee? What will it cost you if the car
doesn't get fixed?
If the finance fee is smaller than other costs, then you are
saving yourself money in the long run.
Are Student Loans Better Than Credit Cards?
When applying for student loans, it's so important for
prospective college students to calculate their finances as best
they can to receive the appropriate funding. From tuition and
books to room and board, living expenses and food,... ...read more
Best Home Equity Loans - Comparing Lenders And Options
If you own a home, a home equity loan can be a perfect fix to
financial problems. Getting approved for a bank loan for large
unexpected expenses is not easy. For this reason, many
homeowners rely on their home's equity to obtain funds for... ...read more
Best Ways to Secure a Personal Loan
If you are looking to borrow money over a period of less than
ten years, whether you need the money for a purchase or perhaps
to repay existing debt, then a personal loan may be suitable for
your needs.
Unlike a home or auto loan, your... ...read more
Military Payday Loans - Serving The Military's Need
Payday loans are the short-term loans for immediate cash
requirement. This facility is just for emergency as per the
situation or the circumstances. Getting approval for a job is
not big job but to repay it in timely manner is much... ...read more
Types of Mortgage Loans - The Basics
In the past, homebuyers more or less had limited mortgage loan
options. These days, there are more options than you can shake a
stick at, but here's a primer on the basics.
Mortgage Loans
With the real estate market explosion over the... ...read more
