What is a Payday Loan?
What
is a payday loan used for? This is a good question. Single moms and
single women can find a hundred uses for a cash advance loan! Sometimes
it's enough to keep the lights on. Or it can be used to buy that cosmetic
kit to start your own business, or it can be used for emergency car repairs.
How
much does a payday loan cost? This will vary from company to company.
They don't really charge an interest rate. They usually charge "fees".
The term on payday loans
can range from 1 week to 4 weeks to coincide with the your next payday.
Some payday loan lenders charge a flat fee regardless of the length of
the payday loan. Most payday loans lenders and affiliates of payday loan
lenders offer clients the option of extending a loan, meaning that the
loan is extended to the next payday and the fees are increased or can become
doubled. Usually you can't get away with this more than 2 times in a row.
Payday loans are small,
short-term, and usually unsecured loans. People can apply for payday loans
through the Internet and the payday loans usually range from $100-$1000.
If you are approved, the loan amount is then wired or transferred into
your checking account.
Payday loans are an
better alternative to bouncing checks, pawning your personal items, or
even borrowing money from family and friends which can cause disharmony
and discord and sometimes even severing friendships. You may also use payday
loans to avoid those late-payment penalties on utility bills and credit
card payments.
Currently, fees charged on
payday loans online vary between payday loan lenders. The cost of
getting a payday loan is not usually charged as "interest" but rather as
fees. If you bounce a check the banks will usually charge you anywhere
from 20.00 up to $30.00 Credit card companies charge a late fee of
up to 29.00. The average finance charge on a payday loan is about
$18 for each $100 you borrow.
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