Fees and Charges That Affect Payday Loan Costs

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Monday, 14 December 2009 00:00

Payday loans are fast and convenient ways to get money, but are usually more expensive when compared with other loans. People who are new to payday loans are usually surprised at the charges that accompany these loans. You must be aware of the different fees and charges that come with a payday loan. Another thing is the penalty fees in case you don't pay the loan on time.

Tips in Estimating Payday Loan Costs

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Thursday, 10 December 2009 00:00

Payday loans have become popular sources of emergency funds for many people because they are fast and easy to get. However, there have been complaints about the high interest rates that loan companies charge for such a short-term loan. These loans only have a duration of 10 to 14 days or they are due on the next payday. Thus, when the effective annual rate is calculated, it could be an average of 400 percent or even as high as 650 percent. The problem is that this is not obvious because the interest and other other charges are often just expressed in terms of dollars.

Tips to Protect Yourself from Payday Loan Scams

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Monday, 07 December 2009 00:00

Many people rely on payday loans when they are short of cash or are suddenly faced with unexpected expenses. These short-term loans usually have a duration of 10 to 14 days and are often due on payday. Unfortunately, scammers pretending to be legitimate payday lending companies have emerged. The only purpose of these people is to take advantage of the worried consumer who needs some cash because of an emergency.

Payday Loans vs Other Credit Products

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Thursday, 03 December 2009 00:00

Payday loans are short-term loans that have become popular because of the rapidity and ease with which they can be obtained. These loans have to be paid on payday and often carry high interest rates and other fees. Thus, some people have criticized payday loans for being very costly, particularly for the low income groups who are the common clients of these loans. But how do these loans compare with other credit products?