How To Calculate Your Cash Advance Costs
145Whenever you take out a online cash advance you should always know how to calculate your costs. You might be able to afford to payback your $100 but can you payback all of the costs that are related to taking out your cash advance? A cash advance is also known as a payday loan. This advance is a short term loan which is generally paid back with interest in typically two weeks or when you receive your next paycheck. taking out a cash advance is very simple. The hard part may be how to calculate your cash advance costs. let's take a look at an example to understand cash advance costs a little more. If you want to take out a loan for $82 to pay off your credit card bill for the shoes you bought last month, you cannot give a payday lender in Mississippi, a check for $82. You would actually have to give this person a check for $100 because of the interest. Now, you might think that the actual interest rate cost is very expensive. Although the percentage rate is a high number, it is only based on a short period of time, ie. 7 days, 14 days or 30 days. The interest rate for payday loans are dependent on APRs. But payday $18 in interest is much less than a bounced check fee, a non sufficient funds fee and a late charge from your bank and credit card company, respectfully. The interest rate for an $82 cash advance for a period of two weeks will have an actual percentage rate of 572 percent. For a shorter period of time like a 7 day turn around pay back time, the annual percentage rate would be 1,145 and a longer loan would amount to 267 annual percentage rate. The formula that you can use for your payday loan is : (Fee Ö amount financed) x (365 Ö number of days) = APR. Figure out the actual cost of your cash advance before you take it out.Fill in the online loan application
We will be able to give you access of up to $500 and your credit does not mean a thing to us. You will receive instant approval with an active bank account, a steady job and proof of your age. You must be 18 or older to qualify. Learn more about payday loans on our site before applying.
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