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Installment Loan Advances Are Worth Their Cost
2:12 AM, Oct. 27, 2009
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When it comes to taking a installment loan advance, many people wonder if the high interest rates are worth it. The answer is yes. Let us first understand what cash advances are. These are short term loans that mature within two weeks. These loans are designed to help customers deal with short term financial crunch. These are not meant to be used for regular expenditure.Fee Most lenders charge a fee of around USD 10 to 15 for every 100 dollars borrowed. This means that if a customer takes a loan of USD 200, he or she will have to repay USD 210 to 220 on the due date of installment loan. Cost Of Not Meeting Credit Card Payment Now let us see how much you will have to pay if you do not pay your credit card bills on time. Most credit card companies charge a late fee of around USD 25 to 35. If you have already written out a check for your credit card bill and you do not have sufficient funds in your account, you will have to further incur a NSF fee, which could be as high USD as 35. So in total you might end up paying around 70 dollars in late fee and NSF fee. This is only for missing one credit card payment. Now if you have due payments for more than one credit card, you can add up the charges. The cost of a installment loan advance is way below the late fees for credit cards. Furthermore, if you miss your credit card payments, your credit scores will take a nosedive. So would it not be better to incur a 15 dollar charge on a payday advance? |
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