Cash advance loan fees can be somewhat difficult to understand at first. First you will be given an APR rate for the year, but cash advance loan terms are only for 1 to 30 days. Then you have fees that are separate from the interest rates. All of it can seem confusing unless you understand the purpose of each figure and how to compare them.
The Purpose Of APR
The APR (annual percentage rate) includes interest and fees paid over a year for the loan amount. In an effort to educate consumers on the long term cost of such loans and to provide an easy way to compare lenders fees, the APR is required to be posted by the US government.
This makes researching rates easy. Simply look for the lowest percent. If you cant find the rate on a lenders site, then request it before applying. If you still dont receive an answer, skip the lender since they appear to be a shady lender.
However, while an APR helps you compare cash advance companies, they dont tell you the real cost of the loan. Most consumers only take a cash advance until payday, usually less than 17 days. So to understand your loans cost, you need to look at both rates and fees.
Cash Advance...
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