Even though the cost of payday loan is higher than the regular loans that you take from banks, the benefits of a ten dollar payday cash advance far outweigh the cost. Generally speaking quick cash advances cost around $15 to $30 per week for every $100 borrowed. Since there is huge competition amongst lenders, you can find a quick cash loan with low interest charges. However, for that you have to look around.
Unsecured Loan
There is a reason why the cost of payday loan is higher than the price of usual loans. A 10-dollar loan is an unsecured loan. Therefore, the risk for a lender is quite high. On top of this the lender does not check your credit. Again, this increases the risk for the lender. Obviously, you cannot expect a lender to give you money without him/her making an effort to minimize his/her risks. The high cost of this loan covers up the risk for lenders.
Low Cost Loans
However, you do not have to be dismayed by the talks about high cost of payday loan. Today you can opt to become a cash advance borrower. These lenders offer first timers a low interest rate loan. You want to know how low? These loans would cost you $10 for every $100...
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