Payday Loans and Fast Cash Guide | Low Fee Payday Loans

Low Fee Payday Loans

It is possible to get low fee payday loans. All that is necessary is to do a little checking around at various lender websites and at local payday loan stores. One thing that is a little tricky is actually discovering the fee amounts that are charged. Many times you will not know until you actually start up the application and get to the final moments when the totals are disclosed.

Here’s the truth about low fee payday loans. A low fee runs about $15 for each $100 that you want to borrow. The term should be at least a week and preferably two weeks. Payback time depends upon when you get paid however. If you are only paid on a monthly basis your loan will run for a month long term. Watch out for sliding scale fees that creep upwards day by day. What you want to find is a set fee for the period.

In other words, look for a set fee of about $15 per $100 no matter how long the loan term is. It should be the same fee if your payday is a week away, two weeks out or even a month away. Anything different is too much. While browsing I did see one website that claimed there are lending fees as low as $10 but everything I found was at least $15 to $25 per $100. In local stores most of the $100 loan fees were $15 or $16, which is still a good rate.

Low fee payday loans are great for filling in gaps in income or when an emergency crops up to mess up your budget. You most likely will not be able to get similar fast cash short term loans from your local bank or credit union. They offer very low rates, but not for small short term loans.

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