www.CheckAdvanceNow.com
There are occasions when you may take a payday loan without checking what the cash advance charges are. A payday loan is a very helpful tool when you are in need of some immediate cash to make an urgent payment. It is easy to get a payday cash advance so many people opt for it. What you really need to do when taking such a loan is compare many companies and then decide on the one which suits you the best. One of the things you need to do is check the cash advance charges of the companies.
Charges by the Companies
Most of the companies have similar cash advance charges but you still have to check many companies to see which one is best for you. If you take a loan of $100 then the charge is usually between $15 and $30 for that amount. When you express that as an annual percentage rate (APR), it translates to range between 390% and 780%.
The mode of repayment is the same everywhere. When you take a loan, you need to write a postdated check of the loan amount plus the charge to the lender. Once the term of loan is over on your next payday, usually in a couple of weeks from now, the lender will use your check to withdraw the money from your account. In case you do not have enough money in your account at that time, then you will have bounced check fees to add to your cash advance charges.
Repayment Options
Sometimes you may not be able to repay your cash advance in full with your next paycheck. Then there is an option of "flipping" or renewing the loan for another term. This means that you can take a loan of a certain amount and renew the loan by paying additional fees with no reduction in the principal amount.
For example, you take a loan of $300 and give the lender a postdated check of $345 to withdraw from your account on your payday. When payday comes and you do not have that amount in your account, you can pay the $345 in cash and take another $300 loan for another term. Your check can be used for the next month when you probably will have enough funds in your account. In this case, your cash advance charges will go up each time you renew the loan.
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