Understanding the costs of renewing payday loans
Before you take out instant
payday loans, it is important to know the costs and fees that come as a result
of borrowing the loan. Generally, payday loans charge fixed fees on the amount
of money a borrower borrows. The fee can range based on the lender and in most
cases, this usually starts from $5 to $30 for $100 borrowed. This will also
depend on the maximum amount of money allowed by local laws. Typically, a fee
of $15 for every $100 borrowed is common. In mathematical terms, this equals to
an APR (annual percentage rate) of about 400% assuming that the loan duration
is two weeks.
Click here to know more about #lainoja (loans)
Comments
Post a Comment