Cash Advance Payday Loan – Get Money Ahead of Your Paycheck
Posted on | February 2, 2010 | No Comments
If you desire to borrow money ahead of your paycheck then you might want to consider a cash advance payday loan. A payday loan will allow you to borrow up to $1500 before your next paycheck comes in. With your next paycheck you’ll have to pay that amount back plus fees.
If you have any concerns that you can pay the full amount back plus fees you should consider other loan types. Unfortunately, payday loans only give you a two-week window to pay your loan back. If you receive your paycheck and there is no possible way you are going to be able to pay the loan you are going to get hit with even more fees.
The fees that are charged on payday loans usually range from $15-$35 for every $100 borrowed. This may not sound like a lot of money but if you have borrowed several hundred dollars they can add up quickly. It is also the case that these fees reset every time you receive a paycheck and do not pay the loan in full.
When that paycheck comes in and you cannot pay the loan off you have two options. You can either bounce the check and get hit with penalties from your bank or you can return to the payday lender and pay even more in fees. This is the exact reason that you should not consider payday loan if you cannot pay it off with your next paycheck.
Author: Tiffay Mann
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