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Cheap PayDay Loan Comparison

Cheap payday loan? This would be hard to get ... the truth is it isn't and never was or will be. Even a lower cost loan is far from being cheap - see examples of cheap loans below. APR for many payday loans are wooping 520%.

You may shop around for cheap cash loans but the fact is that even a lower fee loan is far from being cheap is comparison with some other loans like personal or mortgage.

Let's face it... you need it fast and you need it now... who's going to sell it to you for cheap? Though, there are some cheap payday loan outfits - most are 5-10% cheaper than the others... but there some that are 50% cheaper. See our  comparison below...

How much are cheap loan fees?

To give you a quick idea ... expect your fees (or finance charges) to be around 20% of your cash advance amount, for most cash places. For $100 loan it is $20, for $700 it is $140. To pay off your loan in 15 days you'll need $120 and $840 respectively.

The below are price examples of an average cheaper loan and a very cheap one from two different loan companies. The first is what an average cheap cash lender will ask you for - the loan fees amount to slightly less than 20% of the borrowed amount. Other worlds, you'll be paying less than $20 for every $100 borrowed.

Payday Loan - Average cheaper cost

From  www.mycashnow.com

Fee Schedule for 7-14 Days Loan
     
Loan Amount Finance Charge Total Loan Amount
$100.00 $18.62 $118.62
$150.00 $27.93 $177.93
$200.00 $37.24 $237.24
$250.00 $46.55 $296.55
$300.00 $55.86 $355.86
$350.00 $65.17 $415.17
$400.00 $74.48 $474.48
$500.00 $93.10 $593.10
$600.00 $111.72 $711.72
$700.00 $130.34 $830.34
 
Fee Schedule for Loan Amount $100
     
Loan Term - Days Finance Charge Total Loan Amount
15 $19.95 $119.95
16 $21.28 $121.28
17 $22.61 $122.61
18 $23.94 $123.94
19 $25.27 $125.27
20 $26.60 $126.60
21 $27.93 $127.93

 

Payday Loan - Very cheap cost

This next example is a fee stucture from www.paydayok.com. These are very cheap rates for cash loans. This company only charges $10 per $100 borrowed (twice less than the average). But it may have some other unfavorable conditions - you should always check before applying.

Fee Schedule For 14 Day Loan
 
Advance Amount Finance Charge Total Loan Amount
$100.00 $10.00 $110.00
$200.00 $20.00 $220.00
$300.00 $30.00 $330.00
$400.00 $40.00 $440.00
$500.00 $50.00 $550.00

At this cheap payday loan lender, finance charges are calculated on the basis of only 260.71% APR.

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