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Fees that could be charged by payday loan companies
The fees that can be charged by payday loan companies include interest, broker's fee, processing fee, verification fee, convenience charges, administration fee, collection fee, locate fee, initial fee, first-party cheque-cashing fee, loan repayment fee, return fee, non-sufficient funds fee, renewal fee, roll-over fee, additional charge, finance charge, and extension fee. The verification fee, convenience charges, processing fee, and administration fee are similar terms for processing fee. The first-party cheque-cashing fee and loan repayment fee are also the same, and so are the non-sufficient funds fee and the return fee. The fee charged when you renew the loan is known as extension fee, additional charge, finance charge, renewal fee, or roll-over fee.
What are collection fees?
Collection fees are required if the borrower is unable to repay the loan when it is due. This is supposed to cover the expenses of the collection agency that will contact the borrower in the effort to collect the payment. It is therefore advisable for a borrower to fully comprehend the payday loan company's policy on collection fees because the amount will vary greatly from company to company. When shopping for a payday loan company, collection fees are one of the items that the borrower should check and completely understand. To avoid paying collection fees, a borrower has to make sure that he or she is capable of repaying the loan, including interests, on payday.
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