Payday loans offer fast cash with no credit checks for relatively small finance fees. The important thing to remember with rates is that you are only paying them for a few days, not years. In the end, you should be paying fewer finance fees than with a credit card or loan. However, if you roll over you payday loan over several pay periods, your loan can get very expensive.
APR A Comparison Tool
According to the US government, payday loan companies are required to disclose the annual percentage rate (APR) of a loan before you sign any agreements. While this makes sense for long-term loans, a payday loan on average is paid off in 17 days.
While an APR doesn’t tell you the true cost of the loan, it is a helpful tool to compare lenders with. An APR is suppose to include both fees and interest rates. By simply finding the lowest APR, you will find the best rates on a cash advance.
Finance Fees
Finance fees come in the form of interest rates or flat fees. Finance fees vary, but $15 for every $100 borrowed is average. Some lenders waive part of the fee for first time borrowers, so it pays to shop around.
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