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401k Plan Loans - An Overview
Allowing loans within a 401k plan is allowed by law, but an employer is not required to do so. Many small business just can't afford the high cost of adding this feature to their plan. Even so, loans are a feature of most 401k plans. If offered, an...
Finding Fast Online Loans
Fast online loans can be a godsend… the money that you need delivered to you when you need it. Unfortunately, it can sometimes be difficult to find fast online loans, especially for those individuals who have less than perfect credit.
Of course, a...
Home loans - discovering capital in your home
See what you do when you find the home of your dreams and not the money. You take home loans. Home loans are easily available and very appropriate for someone looking for home loans. Home loans have the most attractive conditions associated with...
How to Pay Off Your Student Loans and Reduce Your Debts
Financing a college education is one of the more expensive debts you may incur. Student loans can take years or even decades to pay off. Making late payments or missing payments all together can result in a poor credit rating and collections on your...
Self-Liquidating Loans - Fact or Fiction?
FICTION! There is no such thing as a self-liquidating "LOAN." If you walk into a bank and ask for a self liquidating loan, they'll look at you as though you were nuts! You may see ads promising - - Self-Liquidating "LOANS!" - Investment Capital...
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Quick Cash Loans - The Real Cost
So many numbers are thrown around when talking about cash
advances, also called payday loans, that it can be hard to know
what the real cost is. What you actually pay for your payday
loan is usually a financing fee rather than an interest rate.
APR is used to compare the yearly cost of such a loan, even
though payday loans are usually repaid in less than 17 days.
Financing Fees
Most cash advance companies charge finance fees rather than
interest in order to get around some state laws. Finance fees
are usually charged on a pay period schedule of two weeks,
although some companies have a shorter or longer repayment
periods.
For a cash advance of $100, you can expect to pay around $15 in
finance fees. Some lenders charge more or less, so it pays to
compare rates. Online lenders usually post their rates or APR,
so you can research lenders in minutes.
If you don't repay your loan when it is due, you can roll it
over. You add on finance fees for the additional time. You have
to be careful with this option. If you put off repayment too
many times, you can end up owing more in finance fees than
principal.
Understanding APR
APR is the yearly rate of the loan, even
though cash advances
are intended to be short term loans. It is figured the same way
as credit cards, multiplying the rate over the year and
including any fees. While the APR does not equal your real cost,
it is a nice comparison tool.
An APR compares the same number, regardless of lender. If you go
online, most cash advance companies will list the APR on their
website. You can also request the number from them before you
apply.
Comparing Costs
When you are trying to decided whether to get a cash advance or
not, you should compare the other costs associated with your
decision. For example, will you pay more in late fees or
interest charges by missing a payment? Will NSF fees amount to
more than a payday loan fee? What will it cost you if the car
doesn't get fixed?
If the finance fee is smaller than other costs, then you are
saving yourself money in the long run.
About the author:
See my recommended Cheap
Payday Loan companies with the lowest rates online. Carrie
Reeder is the owner of ABC Loan Guide, which offers help with loans for people with low
credit scores.
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