Cash Advance Check Loans - Are Online Cash Stores More Expensive Than Offline Stores
Below is a MRR and PLR article in category Finance -> subcategory Loans.
Cash Advance Check Loans: Are Online Cash Stores More Expensive Than Offline Stores?
Online cash stores often offer competitive rates, typically cheaper than their offline counterparts. While some companies do have higher rates, you can avoid them with a bit of research. One significant advantage of online stores is the ability to quickly compare rates and find the lowest finance fees.
Fees to Consider
Most cash stores impose a flat fee instead of a percentage of your payday loan. Some online cash stores may also charge an application fee, but you can find lenders who waive this, especially for first-time borrowers.
When comparing fees, pay attention to the APR (annual percentage rate). This figure represents the cost if the loan were extended over a year. While most people pay off their loans in less than a month, the APR is a useful tool for quick comparisons.
Beware of High Rates
Avoid accepting the first cash advance offer you receive. Take the time to shop around for rates. While you can call different companies, it's easier to find rates online. Look for the APR or fees typically listed under the "Fees" or "FAQ" sections. If the information isn’t available, reach out to the company directly.
Ensure you're comparing equivalent periods. For example, if you need a 14-day cash advance, examine the finance fees for that specific timeframe across different lenders.
Understand Payment Plans
Some lenders might charge more by delaying payments. Those that only deduct the minimum payment instead of the full amount can accrue more finance fees. Although their initial rates might seem low, extending the loan can increase your charges.
If you choose such a lender, arrange for full payment on your payday to minimize finance fees and keep more money in your pocket.
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