What’s The Fee For A 1500 Dollar Payday Loan
Cash advance loans, also known as payday loans, are very popular because they provide people with cash financing with no credit check or good credit history. In most states, people can get payday loans up to $1500 dollars, but they are capped at a lower amount in some states. In addition, there are some states that don’t allow them or have more regulations for payday loans, but for the states that do allow up to 1500 dollar payday loans, it’s good to know what’s the fee for a 1500 dollar payday loan and what is expected when a person gets one.
1500 Dollar Payday Loan Fees:
- Many people automatically think of high interest fees for cash advance loans, but in fact, they aren’t based on interest but rather a fee for the service. Most states cap the amount that can be charge between $15 – $25 per $100 borrowed, and there are no other fees if the loan is paid back on time. Critics like to point at the high APR as a way to call attention to their point of view, but in fact, there are no installment payments and no interest is charged. There are no other hidden fees as it is against the law.
- Refinancing can be a problem for many. This is where most people end up getting in trouble. The reason is that payday loans are not setup to be installment loans, so the full amount of the loan needs to be paid back on time when due within a couple of weeks. If a person is not able to pay the loan back, they would have to refinance the loan again and thus get charged another fee. However, every loan has fees with them and if a person is going to refinance a loan, they aren’t just going to do it for nothing and the case is true here as well. The fees would be the same as the first one so the person would be charged again for the same loan. This means that if a person doesn’t want to pay any more fees, they would have to pay the loan back when they said they would. If they don’t then they would be charged another fee for the service.
The following is an example of what the fee for a 1500 dollar payday loan would be in a state that caps their service fee at $15 per $100 borrowed.
Payday Loan Amount: $1500
Payday Loan Service Fee: 15% of $100
Total Fee For Payday Loan: $225
This is example illustrates the fees for a 15% cap, but what about for a 25% cap. The following are the fees for a payday loans up to 1500 dollars with a 25% fee per $100 borrowed.
Payday Loan Amount: $1500
Payday Loan Service Fee: 25% of $100
Total Fee For Payday Loan: $375
As long as the person pays the loan back on time and doesn’t refinance the loan, this would be the total fee paid for a $1500 dollar payday loan. There are some states that have different cap amounts so it could vary between states and would be important to check with the local area to know what the fees are before getting a 1500 dollar payday loan.
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Payday loans are a great way to get money fast. I hate to have to use them, but in a pinch, I cannot imagine a more convenient way to get money. I had to use one a few months ago to pay my light bill, the fees were better than sitting in the dark!
Payday loans are a great resource, but they need to be used responsibly just like a credit card or other traditional loan. Check ‘n Go offers payday loans in many states, and also from the convenience of your own home.
Excellent article, found it very informative and I really enjoyed it.,