Home - Mortgage Loans | Personal Loans | Bad Debt Loans | Foreclosure Loans
Apply for a Loan | Best Auto Loans | Best Bad Credit Auto Loans | Best Bad Credit Loans | Best Bill Consolidation Loans | Best Cash Advance Loans | Best Credit Cards | Best Credit Repair Tips | Best Debt Consolidation Loans | Best Free Credit Reporting Tips | Best Home Equity Loans | Best Mortgage Loans | Best Pay Day Loans | Best Personal Loans | Best Products on the Internet | Best Unsecured Loans
Great Financial Advice
Apply for a Loan
Latest Financial News
Rate Lock Advisory
Best Products
Join Our Mailing List
Contact Us
Loan Articles Index
Auto Loans
Bad Credit Auto Loans
Bad Credit Loans
Bill Consolidation Loans
Cash Advance Loans
Credit Cards
Credit Repair Tips
Debt Consolidation Loans
Debt Reduction Loans
Foreclosure Loans
Free Credit Reporting Tips
High Risk Loans
Home Equity Loans
Home Loans
Lawsuit Loans
Mortgage Loans
Pay Day Loans
Personal Loans
Products on the Internet
Real Estate Services
UK loans
Unsecured Loans
Loan Article Index
Loan Articles A-G
Loan Articles H-Q
Loan Articles R-Z
Mortgage Calculators
Mortgage Calculator
Mortgage Amortization Calculator
Rent vs. Buy Calculator
How Much Can I Afford Calculator
Auto Payment Calculator
Click here to Sign up for Email and Newsletter

 

redhotloantips fat loss


Instant Cash Loans - Avoiding High Fees

Written by: Carrie Reeder

You have heard the stories of people taking out a cash advance only to owe more in finance charges than in principal. You can't help but ask - how did this happen? Will it happen to me? You can avoid such situations if you shop wisely for a cash advance company and pay your loan on time.

Rolling Fees

Cash advance lenders charge on average $15 for every $100 borrowed. If you were comparing APR, it would be 390%. Some lenders' APR can be as high as 1000%. This usually occurs when the pay back period is calculated in days rather than weeks.

So a cash advance of $100 will require a payment of $115 on payday. If that loan is rolled over for another two weeks, the loan payment will be $130. Do that for four pay periods, and you will owe $60 in finance charges. After seven pay periods, $105 in finance fees will be racked up, more than the original loan amount.

Research Rates

One way to avoid this situation is to research rates prior to taking out a cash advance loan. Investigate rates of lenders and understand their payment structure. You can also search for first time deals online that reduce or eliminate some fees.

Pay Back Your Loan

Plan on paying back your loan on your payday. This is the surest way of avoiding those rolling fees. You can arrange with your lender to automatically deduct your payment when you are paid. Some lenders default to only a partial payment, but you should request a full payment. Cash advance companies may present it as a benefit, but you are only increasing your finance fees.

Other Credit Sources

If you need a long term loan, then consider your other sources of credit. Credit cards and personal loans offer a better APR. But you should be aware that they will negatively impact your credit score.

Another option is to use a credit counseling service. Through a confidential meeting, a counselor can help you plan your finances. They can also point you toward financial services, such as debt consolidation.

About the author:

See my recommended Cheap Payday Loan companies with the lowest rates online. Carrie Reeder is the owner of ABC Loan Guide, which offers help with loans for people with low credit scores.


Other Related Articles:

Secured Business Loan - "Capitalizing "on the opportunity!!
Ever seen a mustard tree?? Well, simply put ... its "HUGE". Now compare it to its source ... "the mustard seed!" It seems practically impossible to imagine that a tree of that magnitude arises from a tiny, miniscule seed! The illustration seems...read more

Mobile Home Mortgage Loans
A large number of prospective homeowners are interested in acquiring mobile or manufactured homes. Should these homeowners require financial assistance, they will need to take the assistance of approved lenders who make the money available...read more

Using A Calculator To Assess Your Loan
If you are looking to purchase a new home then you will want to use a mortgage qualification calculator to assist you in working out how much of a home loan you will be able to afford. A mortgage calculator is based around a computer program that...read more


Return to Home

468x60

Best Auto Loans, Best Bad Credit Auto Loans, Best Bad Credit Loans, Best Bill Consolidation Loans, Best Cash Advance Loans, Best Credit Cards, Best Credit Repair Tips, Best Debt Consolidation Loans, Best Debt Reduction Loans, Best Foreclosure Loans, Best Free Credit Reporting Tips, Best High Risk Loans, Best Home Equity Loans, Best Home Loans, Best Lawsuit Loans, Best Mortgage Loans, Best Pay Day Loans, Best Personal Loans, Best Products on the Internet, Best Real Estate Services, Best UK loans, Best Unsecured Loans
Subscribe to Mailing List | Private Policy | Unsubscribe | Site Map