Learn The Secrets And Hidden Truths The Check Cashing Companys Dont Want You To Know!
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Pay day loans may be helpful when you are having temporary cash flow problems or are facing a financial emergency and need money on a short-term basis.
You should attempt to pay your loans in full when it matures. If you are unable to do that, you should make every effort to pay at least part of the amount financed before you renew the transaction.
A cash advance loan secured by a personal check is very expensive credit. Let's say you write a personal check for $115 to borrow $100 for up to 14 days. The check cashier agrees to hold the check until your next payday.
At that time, depending on the particular plan, the lender deposits the check, you redeem the check by paying the $115 in cash, or you roll-over the check by paying a fee to extend the loan for another two weeks to four weeks.
In this example, the cost of the initial loan is a $15 finance charge and 391 percent APR. If you roll-over the loan three times, the finance charge would climb to $60 to borrow $100.
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If you are considering a payday loan, read this Review.
Hundreds of Check cashiers, finance companies and others are making small, short-term, high-rate loans that go by a variety of names like:
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- Cash advance loans
- Check advance loans
- Post dated check loans
- Or Deferred deposit check loans
Usually, a borrower writes a personal check payable to the lender for the amount he or she wishes to borrow plus a fee.
Pay day loan company online will give the borrower the amount of the check minus their fee. (They get their money up front)
Fees charged for same day loans are usually a percentage of the face value of the check or a fee charged per amount borrowed for every $50 or $100 loaned.
And, if you extend or roll-over a guaranteed approval payday loan - say for another two to four weeks - you will pay A Fee Each Time you get a extension.
Under the Truth in Lending Act, the cost of pay day loans - like other types of credit - must be disclosed.
Among other information, you must receive, in writing, the finance charge (a dollar amount) and the annual percentage rate or APR (the cost of credit on a yearly basis) which when you do the math can be very high for pay-day loans.
If You Read Nothing Else About Payday Companies- Read This!
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