Payday Loan and Cash
Advance Facts
|
| • Payday Loans and Cash
Advances are designed to meet a short- term cash emergency such as a car repair
or a medical need (i.e; prescription medication). |
 |
| • Payday Loans and Cash
Advances are key services for people who have a financial need between
paydates. |
|
|
| • Using Annual Percentage
Rates (APR) to evaluate the costs of Payday Loans and Cash Advances are not
accurate, because the charge for service is closer in nature to a fee. |
|
| • Most banks will typically
NOT process a consumer loan for under $1,000. The average Payday Loan or Cash
Advance is approximately $200. |
|
|
| • Fees charged by banks for
bounced checks are often significantly higher than fees charged for Payday Loan
and Cash Advance services. Additionally, merchants often charge their own
bounced check fee. |
 |