Photo by Lisa Yarost
Fees
A payday loan in the amount of $500 will include a finance charge of about $120. This amount is also due at the time of repayment. If you have good credit you may want to consider getting a loan from your bank and paying a decent interest rate instead of 292.00% interest or more, for a 30-day loan.
Some fast-cash loans let you renew your loan after you repay it. If you renew your loan, be prepared to pay an additional finance charge for the renewal. Lenders may also waive the fee for repeat customers who are renewing the same loan for a short period of time, but it depends on which payday loan company you use.
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