Bad Credit Cash Advance Payday Loans vs Unsecured Personal Loans Interest Rates in August 2010

Posted on | August 27, 2010 | No Comments

Bad credit cash advance payday loans have gained in popularity over the last several years as this offers Americans a way to borrow money with no credit check.  This is one of the main differences between a payday loan and an unsecured personal loans.  To qualify for a bad credit unsecured personal loan borrowers will go through a credit check process.


It is also the case that an unsecured personal loan will have an interest rate applied while a payday loan will only have fees.  The fees for a cash advance payday loan are usually in the range of $15 to $35 for every $100 borrowed.  This may not seem like much but it can add up quickly for those borrowing several hundred dollars.

It is also the case that these fees will reset if the borrower does not pay the loan in full with their next paycheck.  With this being the case it is wise to understand that these loans must be paid off with the next paycheck or the fees will start getting out of control.  If a borrower does not think they can pay the loan off with their next paycheck then a personal loan might be the route to go.

Author: Heather Best

Comments