Short term personal loans are meant to be just that: short term. For that reason most loan lenders will quote a fee based system rather than annualized percentage rates (APR) with fees typically ranging from between $15 to $50 for every $100 borrowed up to $500 with fees per $100 begin dropping on loans larger than $500.00. If short term loans are repaid and completed on the scheduled date, without incurring any penalties then typically the initial transaction fee is the only extra money that you have to pay besides the principle.
Do not forget!
If loans are extended or rolled over, you’re going to see a much high interest rate than what you initially expected. Most short term advances will have a moderate rate if paid off on time according to the finance terms. However, when these advances roll over is when you really see the hefty finance charges. That’s why most payday advances are meant for a short term duration. Do the math and force yourself to not fall into this situation. Work with a company in our list of best payday lenders that let’s you make early payments. Do not work with a online lender that charges an early payoff fee.
For that reason, it is imperative to only borrow the absolutely minimum necessary amount for as short a time frame as possible, despite the ease of being able to possibly borrow more, in order to reduce the risk of incurring extra fees or a higher APR.
For more detailed information contact our recommended payday lenders such as Ace Cash Express, CashNetUSA and TrustedPayday.com.
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