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Costs of a payday loan

Costs of a payday loan

Costs of a payday loan

Usually, a payday loan company charges 15 to 30 USD per $100 borrowed. So, if you borrow $100, you will have to pay 115 to 130 USD on the very next payday. The APR of payday loan cash advance interest boosts up to 391%.

Maximum limit of a payday loan:

If you are taking a payday loan for the first time, you may get up to $500 for the first time. After you repay your first loan amount in time, you can avail more than $500 when you revisit the company for another payday loan.

Think before taking a payday loan:

  1. You should keep in mind the APR factor of the loan before taking it. You should find a company that is charging a lower APR than its competitors.
  2. You should take care about the privacy of your document and information. So, if the company tends to process the applicant’s information on an encrypted page, you should think that your information will not be licked out, and then you can proceed on.
  3. You should read the company policy and legal matters complied with before submitting an application form to them.

Repayment of a payday loan:

The lender company will take the money off from your checking A/c on the date of your payday. You should be ready and aware of your payday and the amount to be repaid. If you fail to repay the loan on the scheduled date, then you may have to ask the lender to rollover your loan amount.

Alternatives to payday loan:

  1. To avoid taking such high-interest loans like payday loan cash advance, you should make an appropriate budget which is according to your income.
  2. You may also save a certain amount of money from your paycheck every time you get it.
  3. Before taking a payday loan cash advance, you should be looking for a loan from a friend or relative as they will not take any interest in lending the money to you. Another thing is also involved here that if you are not able to repay the money in the future, you may not have to run away from your creditors.

For more information about payday loan or payday loan consolidation you can contact with online loan management expert.

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