Ten Dollar Payday Loan
A ten dollar payday loan is much like other payday loans with the exception of the initial finance fee. Whereas most payday loans charge you a set fee right from the first time you accepted the loan, a ten dollar payday loan charges you only a minimum amount of $10.00 per every $100.00 you borrow.
This is done to get new customers to sign up for many of the payday loan sites, by advertising the fact that they only charge you $10.00 per $100.00 or 10%. Most payday loans are taken out with the idea that you will have up to four due dates after the loan is accepted in which to repay the loan. Although some differ, with most you can simply pay the finance charge and renew the loan, if you are unable to pay it back. So for most people the ten dollar payday loan sounds rather enticing, having it known that, for example, if you borrow $300.00 you will only have to pay back $30.00. Unfortunately, unless you read the fine print, you are probably in for a rude awakening upon the second payment date. The $10.00 per $100.00 is only for the first due date, and thereafter it raises to the regular finance fee which can be excessive.
More commonly the rates per $100.00 is $30.00, or 30%, so if you borrow $300.00 then you will be paying $90.00 per every due date, which is considerably more than the $30.00 you were promised. Considering the payment is automatically debited from your checking account, you need to know ahead of time whether or not you are taking out a ten dollar payday loan in which a new finance fee applies after the first due date. You should read all the frequently asked questions, and look at the finance charges that should be posted to make sure you are not going to be an unknowing victim of a ten dollar payday loan.
Filed under: ten dollar payday loans
