Mypaydayloan.com leading Payday
Advance Loans & Small Cash Loans Providers Cost Credit
Facts
The Cost of Credit - Facts You Need To Know!
Christmas
Payday loans are small cash loans & short-term advances
that are due on your next payday, unless your next payday is 4
days away from your loan date interest is charged at flat fee.
In this case your Holiday
Cash will be due on your second payday. The maximum loan term
is 14 days.
With a payday loan you are charged a flat fee no matter when your
cash
loan is repaid (subject to the 14 day maximum loan term).
Because the fees are fixed per loan amount, the Annual Percentage
Rate (APR) will vary depending on the number of days that pass
between the date you receive your advance and the day you repay
the loan. There is no refund of fees for early repayment.
Although payday loans are short-term advances intended to be
paid off quickly, various Truth-in-Lending laws require financing
disclosures to be expressed as an Annual Percentage Rate (APR),
or the cost of the credit advanced to you expressed as an annual
rate. This requirement provides uniformity among various credit
sources, so you can compare rates and make the choice that is
right for you.
The following table provides examples of the cost to obtain a
payday loan. The APRs are based on example loan terms of one payment
("Check Amount") due in 18, 14, and 7 days. The APR
will increase if the actual loan term is shorter than these examples.
| LOAN
AMOUNT (Amount Financed) |
LOAN
TERM: 1 PAYMENT (# of Days) |
LOAN
FEE (Finance Charge) |
CHECK
AMOUNT (Total of Payments) |
APR
|
| $100.00
|
18
|
$25.00
|
$125.00
|
506.94%
|
| $100.00
|
14
|
$25.00
|
$125.00
|
651.79%
|
| $100.00 |
7 |
$25.00 |
$125.00 |
1303.57% |
| $200.00 |
18
|
$50.00 |
$250.00 |
506.94%
|
| $200.00 |
14
|
$50.00 |
$250.00 |
651.79%
|
| $200.00 |
7 |
$50.00 |
$250.00 |
1303.57% |
| $300.00 |
18
|
$75.00 |
$375.00 |
506.94%
|
| $300.00 |
14
|
$75.00 |
$375.00 |
651.79%
|
| $300.00 |
7 |
$75.00 |
$375.00 |
1303.57% |
| $400.00 |
18
|
$100.00 |
$500.00 |
506.94%
|
| $400.00 |
14
|
$100.00 |
$500.00 |
651.79%
|
| $400.00 |
7 |
$100.00 |
$500.00 |
1303.57% |
| $500.00 |
18
|
$125.00 |
$625.00 |
506.94%
|
| $500.00 |
14
|
$125.00 |
$625.00 |
651.79%
|
| $500.00 |
7 |
$125.00 |
$625.00 |
1303.57% |
|
