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What costs and fees should you expect with a payday loan?

If you would like to apply for a payday loan you should find out all details about its fees beforehand. Here we are going to provide you with the general information about the process of calculating fees on the amount you want to borrow from our lending company.

Is there a fixed fee on the amount you borrow?

Yes, the fee is always fixed and usually it may range from $10 to $30 for every $100 borrowed. The exact amount of fee charged on the sum of money you want to get will depend on your direct lender.

How to calculate your possible fee?

As a rule the typical fee is $15 per $100. This equates to an annual percentage rate (APR) of almost 400% for your payday loan which is given for 2 weeks. Let’s consider the following example for you to understand how it works. So, if you are going to apply for the amount of $300 before your next salary, it would cost you $345 to repay it, having a fee of $15 per $100.

How much will rollover cost?

There are situations when you fail to make the repayment on time. What should you do in this situation? First of all you should contact your payday loan lender to inform about your circumstances which prevent you from paying your loan back. Our representatives always help the customers who are in trouble. We will consider your situation and offer you the most suitable variant.

If you renew or roll over your payday loan, you should know that you are going to be charged another fee. Rolling over your payday loan means that you have to pay extra fee and still owe the entire original balance. Let’s look at the following example: if you pay a renewal or rollover fee of $45 you will still have to pay the original borrowed $300 and another $45 fee after the end of the extension period which will cost you $90 for borrowing $300 for several weeks.

What can happen in case you don’t repay your loan on time?

In addition, if you have some unexpected circumstances that prevent you from repaying your loan on time, the payday lender has the right to charge a late fee, depending on state law. If you don’t repay the loan due to the date which was stated in your agreement and you haven’t informed your payday lender or you don’t react to your lender’s calls or e-mails you risk having not only extra fees but even a lawsuit. Remember that getting a payday loan requires being responsible and follow all rules concerning the process of repayment.

What other kind of fees can you have?

If your money is going to be loaded onto a prepaid debit card, you can have other fees that must be taken into account. There are such fees as:

  1. Fees which can be withdrawn when the money is added to your card.
  2. Fees which are withdrawn when you check your balance or call customer service.
  3. Fees that are withdrawn when you use your card each time.
  4. Some regular monthly fees.

Before taking out a payday loan, you should be attentive while reading the loan agreement not to miss any important information about other possible fees and costs.

To know the exact fees on the amount you want to borrow you can use the specially designed calculator or to ask our representatives who are always ready to help you.