If you want to borrow $1000 for two weeks until your next paycheck comes, you need to keep in mind that you could also end up owing $87.50 in fees. And that’s a reduced rate for new customers. If you’ve gotten loans from the company before, it’s going to cost you $1175 to pay off your $1000 debt. That’s an APR of a whopping 456.25%. Before heading for the nearest 1-hour loan website and borrowing money for that luxury item or a frivolous cruise, stop and ask yourself if you can really afford to pay this much in what amounts to a high rate of interest. You aren’t going to get any credit for paying off a pay day advance loan sooner, either.
The minimum amount of time you can borrow money for on this site is 14 days, and that’s what you’re going to get charged for no matter how quickly you pay it off. The minute you accept the money, your $1000 debt will immediately turn into a $1175 debt, even if it’s only for a day or two. Even the most fee and interest-ridden credit cards you’ve heard about charge considerably lower fees. Think about how desperate for money you would have to be to spend that kind of extra money you obviously don’t have. Too many people are getting suckered in by websites like this. They see the words “Get cash fast” and “No credit check”, and they jump in with both feet without checking what this little loan is actually going to end up costing them.
If you browse some of the pay day advance loan sites online, you’ll find that many of them are hesitant to give you this very relevant information. They do everything they can to convince you that this is the best course of action to solve your problems, but they never come out and tell you the bad news about how much it’s going to cost you. They don’t want to scare you off. Beware of sites like these. If you need a loan, fine, but stick with a site that tells you how much you’re going to end up paying them back, and do some figuring before deciding if taking out this short term loan is the best idea. These companies do provide a service, but you need to be aware of how much of a price you’re going to have to pay.