June 6, 2008, Newsletter Issue #9: Fees Associated with Short Term Loans
Tip of the Week
The fees associated with short term loans typically include an application and processing fee, as well as interest if the loan is not repaid in time. Additionally, some lenders may even charge a fee to establish an account for new borrowers. The fees associated with short term loans, such as payday loans, can translate to a considerable annual percentage rate. A typically payday lender charges between $15 and $30 for every $100 borrowed. This may not seem like a large amount of money, but it is quite high percentage-wise. However, for borrowers who are in need of cash quickly, these fees may be worthwhile.
Payday loans usually must be repaid within 10 to 15 days and failure to repay the loan in full during this time period will result in the borrower being charged interest on the loan. The interest rates associated with these loans may vary and borrowers should verify the applicable interest rate, as well as any required fees before entering the loan agreement.
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