Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Paying Back a Payday Loan and other Cash Advance topics.
The loan fees associated with payday loans and personal loans may seem considerably different, but these fees should not generally be used to decide between taking out a payday loan or a personal loan. The borrower should instead consider these fees along with other aspects of the loan, such as the total loan amount, the repayment period, the interest rate and the application process. There are strict limits placed on the maximum loan amount which also caps the fees associated with these loans.
The loan fees associated with personal loans will typically be higher than the fees associated with payday loans, but the borrower also typically has more options available to him. These options include the ability to borrow considerably more money, a longer repayment period and more favorable interest rates.