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The Payday Cash Loan Interest Rates Versus Flat Fees
By Carrie Reeder

More and more cash advance lenders are charging flat fees instead of interest rates. This has been in response to increased state regulation. By charging a flat fee, lenders can avoid some of the caps put in place by some states.

Comparing Interest Rates

Interest rates for payday loans are typically higher than other forms of credit since they are small amounts and have a higher risk level. Most online lenders will still use interest rates to determine your loan charge. You may also have to pay a service fee, although most cash advance companies will waive this for first time borrowers.

The other interest rate to look at is the APR (annual percentage rate)...
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In the News
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Illegally Tried to Garnish Borrowers' Wages Read More ...

Despite new law, subprime credit cards and payday loans can still be very dicey
You can still get credit if your finances are a mess. It will just cost dearly. A sweeping credit card law that took effect yesterday is supposed to prevent banks from employing tactics that push borrowers deeper into debt. Yet loans and cards with crushing terms still beckon. Read More ...

New coalition fights payday loans
A number of social policy groups have joined forces in a campaign to put limits on payday lending in Texas. Read More ...

 

 
 
 
 

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