Cash Advance Check Loans - Are Online Cash Stores More Expensive Than Offline Stores?
Written by: Carrie Reeder
Online cash stores offer a variety of rates. More often than
not, they are less expensive than offline stores. Of course
there are companies that offer extremely high rates, but you can
avoid them if you shop around. In fact, that is one of the
biggest advantages to online stores - you can compare rates in
minutes to find the lowest finance fees.
Fees To Look For
Most cash stores charge a flat fee rather than a percentage of
your payday loan. Some online cash stores also charge an
application fee. By shopping around you can find lenders who
don't charge this. And some of these lenders will waive the fee
for first time borrowers.
When you are comparing fees, you should look at the APR or
annual percentage rate. This number is what the loan would cost
if you carried it for an entire year. While most customers make
their payment in less than a month, the APR allows you to make
quick comparisons.
Watch Out For High Rates
Don't sign up for the first cash advance offer you get. Shop for
rates first. You can do this by calling around, but an easier
way is to look up rates on line. You can find the APR or fees
either under 'Fees' or the 'FAQ' section. If you can't find
numbers to compare, email the company.
You also want to pay attention to how long the loan fees are for
and make sure you compare the same numbers. For instance, if you
need a cash advance for 14 days, look at the finance fees for
the 14 day period with each lender.
Understand Payment Plans
Another way lenders can take advantage of your situation is by
delaying your payments. Lenders who only deduct the minimum
payment rather than the total amount will charge you more in
finance fees. Initially these lenders may have low rates, but by
adding more time to your loan, you rack up finance charges.
If you choose to go with one of these lenders, make sure you set
up a full payment on your payday. That way you will pay the
minimum finance fees, keeping money in your pocket.
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