Cheap payday loans

To be honest, payday loans are not always cheap (see comparision table below), but provide quick cash when you really need it. There are many payday loan providers and the fees are different.

Payday loan makers also argue that the interest on a payday loan is less than the costs associated with bounced checks or late credit card payments. For example, bouncing a $100 check may inccur an NSF fee from the bank of $28 and a returned check fee of $25 from the merchant.

In comparison to payday loan high APR (400...700% APR), when expressed as APRs for 2 week terms:

$100 pawn loan with 20% service fee= 240% APR;
$100 bounced check with $48 NSF/merchant fees = 1,251% APR;
$100 payday advance with $15 fee= 391% APR;
$100 utility bill with $50 late/reconnect fees = 1,304% APR.
$100 credit card balance with $26 late fee = 678% APR;

Check out our recommended cheap payday loan providers.