Cash Advance Payday Loan – Instant Application and Approval in Minutes
Posted on | February 9, 2010 | 1 Comment
Some of the perks of an instant cash advance payday loan are instant applications and approval in minutes. There are many payday lenders that are available online that can allow you to apply for a payday loan instantly and have you approved within 15 minutes. It is important that you understand that the efficiency of this loan is going to cost you in fees.
The fact that you can apply and be approved in minutes means that you probably need money quickly. The fact you need money quickly means that these companies can charge you a little bit more in the form of interest or fees. Fortunately, for payday borrowers, most states regulate the fees with a maximum amount between $15 and $35 for every $100 borrowed.
Even though this may not sound like a significant amount of money it can add up very quickly if you are borrowing several hundred dollars and you do not pay your loans off with your next paycheck. Every time you receive a paycheck and do not pay this loan off your fees will reset and you will have to pay even more.
To put it into perspective, if you borrow $200 with $30 in total fees you will pay a total of $230. If you receive a paycheck and do not pay this loan all you will still owe the $230 but you will have to pay another $30 in fees making it a total of $260. Every time you receive a paycheck and do not pay the loan off you will be paying $30 more in fees.
Author: Mike Garner
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One Response to “Cash Advance Payday Loan – Instant Application and Approval in Minutes”
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February 12th, 2010 @ 3:46 pm
Thanks for helping people understand payday loans better. We also have some great articles on http://www.moneynowusa.com Check them out