Charlotte Lending Service
Payday loans and app-free cash advance services enable you to borrow against the next payday to fulfill your urgent financial requirements at the time of an emergency. But due to their exorbitant borrowing costs, such services can also do more damage than good. Annual percentage rate for payday loans, for instance, are typically determined by a patchwork of various state-level regulations, and payday loan APDs often reach three digits in some instances. Therefore, paying a single flat fee to borrow an amount up to $1500 more can give you access to much more cash than you need. In this scenario, paying back a single consolidated loan payment of only $1500 may be economically beneficial to borrowers.
Paying Back Loans
On the other hand, paying back a single consolidated loan payment of $1500 may not be feasible for some borrowers. In such a situation, consumers concerned with payday loans or title loans Charlotte often refer to debt relief strategies such as debt settlement and credit counseling. Although these two lending alternatives have gained much popularity over the past few years, the proliferation of cash advances has also rendered these options obsolete.
One important fact to keep in mind when comparing payday loans and other types of financial services is that most consumers simply aren’t aware of the hidden fees associated with payday loans. Payday loans, for instance, typically levy fees of one or two percent for each payday advance applied for. Consumers are generally not aware that most payday advance companies actually charge a higher interest rate on a credit card-like prepaid credit cards that can be used to make payroll advances–that’s why payday loans often come with higher interest rates. For example, instead of paying only a one-time flat fee to make an advance on a portion of one’s salary, which would allow a borrower to benefit from higher borrowing limits, payday loan companies typically charge three or four percent on these types of advances.