Category: 

How do I get the Lowest Cash Advance Fee?

Article Details
  • Written By: Carol Francois
  • Edited By: Bronwyn Harris
  • Last Modified Date: 22 July 2018
  • Copyright Protected:
    2003-2018
    Conjecture Corporation
  • Print this Article

Finding the lowest cash advance fee is the best way to save money when requesting a cash advance or payday loan. A cash advance is a form of short-term financing. No credit check is done, as each applicant is approved based on current employment status.

There are four ways to find the lowest cash advance fee: identify the fee limit in nearby states, use Internet-based firms, get repeat customer fees, and pay the loan off early. All four of these methods require time and investigation to find, but it is well worth the effort. Cash advances are a very expensive type of financing.

Several states have passed legislation to place a ceiling on the maximum cash advance fee. Look at the cash advance rates for other states to determine which ones provide the lowest rates. It is not uncommon for firms to provide higher rates in non-legislated states as a way to maximum profits. Talk to your local and state representative to push for this type of legislation in your state.

There is stiff competition between the cash advance firms that provide loans over the Internet. Take the time to compare different websites and find the lowest fee. Read the details of the contract with care to ensure that you are eligible for the posted rate.

Ad

The vast majority of cash advances do not have a roll over feature. This means that every advance must be paid off in full before another loan can be issued. If you use the same cash advance company for several months in a row, negotiate a lower cash advance fee. Make sure that your payments are processed on time.

The best way to lower the amount you pay for a cash advance is to pay the loan off early. The fee is often a combination of daily interest and a fixed cost. By paying the loan early, your interest charge drops.

Cash advance loans are growing in popularity as the need for quick cash increases. The fee is structured in two ways: interest only, and a flat fee. An interest only loan calculates the amount owed by multiplying the amount borrowed by the posted interest rate. These types of loans often show an interest rate that is just below the legal limit.

Flat fee loans list a fixed amount for every hundred dollars borrowed. This may seem like a lower rate, but is often very close to or just above the legal limit. Think carefully and ensure that you are comparing the same items when looking at different cash advance fees.

Ad

Recommended

Discuss this Article

Post your comments

Post Anonymously

Login

username
password
forgot password?

Register

username
password
confirm
email