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Payday Advance Introduction
A payday advance is a relatively small, short-term, unsecured, consumer loans. Consumers apply for a payday advance through the Internet, with a payday advance ranging from $50-$1000. If approved, the loan amount is then wired overnight into the applicant's checking or savings account.
The term on a payday advance typically ranges from 14 to 21 days, coinciding with the applicant's next payday. Some lenders charge a flat fee regardless of the length of the payday advance, while some lenders vary the interest rate depending on the length of the payday advance. Most payday advance lenders and affiliates of payday advance lenders offer customers the option of "rolling over" a loan, meaning that the loan is extended to the next payday and the subsequent fees follow. The larger and more reputable online lenders will allow a client to roll over payday advance no more than three to four times.
Payday Advance Fees
Currently, fees charged on a payday advance loan range from $15 to $30 on each $100 advanced, aaapaydaycash.com charges $25 per $100 borrowed. Stated another way, annual percentage rates for payday advance generally range between 400 and 1300 APR. However, the cost of getting payday advance should be viewed as a service charge. According to market research, banks and merchants charge an average non-sufficient funds fee of $24 per check. Credit card companies impose an average late fee of $26, while auto finance companies charge $23. In contrast, the average finance charge on a payday advance is about $18 per $100 borrowed.
A payday advance is an alternative to bouncing checks, pawning personal property, or borrowing money from family and friends. Consumers may also use a payday advance to avoid late-payment penalties and negative marks on credit ratings. Ideally, individuals have money saved from each paycheck to prepare for financial shortfalls or unexpected expenses. Realistically, many people have a periodic need for short-term financial assistance. When used responsibly, a payday advance can provide valuable assistance to these short-term cash needs. However, you should evaluate the costs and benefits of all alternatives before borrowing. Other forms of short-term credit that may be less expensive include a loan from another institution, a credit card cash advance, an account with overdraft protection, or a salary advance.
AAAPayDayCash.com is a preferred source for many consumers looking for a payday advance.
Interested in receiving a payday advance? Fill out our payday advance pre-qualification by clicking "apply now".