GoGetCash.com Payday Advance Loans &
Small Cash Loans Provider's Cost Credit Facts
The Cost of Credit - Facts You Need To Know!
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 loan repayment 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 will vary with different lenders, on average the APR will range from 281.76% to over 1000% 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) |
| $100.00 | 18 | $30.00 | $130.00 |
| $100.00 | 14 | $30.00 | $130.00 |
| $100.00 | 7 | $30.00 | $130.00 |
| $200.00 | 18 | $60.00 | $260.00 |
| $200.00 | 14 | $60.00 | $260.00 |
| $200.00 | 7 | $60.00 | $260.00 |
| $300.00 | 18 | $90.00 | $380.00 |
| $300.00 | 14 | $90.00 | $380.00 |
| $300.00 | 7 | $90.00 | $380.00 |
| $400.00 | 18 | $120.00 | $520.00 |
| $400.00 | 14 | $120.00 | $520.00 |
| $400.00 | 7 | $120.00 | $520.00 |
| $500.00 | 18 | $150.00 | $650.00 |
| $500.00 | 14 | $150.00 | $650.00 |
| $500.00 | 7 | $150.00 | $650.00 |
