Cash Advance Loan Costs?
Nowadays nothing is free and that goes for costs associated with Cash Advance and payday loan costs. So what are the cash advance loan costs? A set fee is charged for each $100.00 you borrow. Simply multiply the fee per hundred dollars times the number of 100 dollar units in your payday loan to figure out your cash advance loan cost. At PayCheckToday you are charged a flat $30.00 per $100.00 you borrow, no other fees are charged and there is no application or processing cost. Many people who have never used a cash advance or payday loan are critical of these flat fees vs. charging an interest rate based on an APR.
What is left out is that unlike larger loans, payday and cash advance loans are only kept for a few weeks or a month not an entire year. Cash Advance Loan Costs are driven by the small dollar amount loaned which costs the same to loan out as a larger longer term loan. Because cash advance and payday loans require no credit check there is a higher risk associated with them to the lender than a traditional loan. That is why cash advance loan costs are based on a flat fee vs. a percentage. To the person who needs their car fixed the week before payday a cash advance loan cost is worth the save by getting a cash advance immediately vs. waiting for payday.
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