No More Insufficient Funds with Cash Advances
Posted on Saturday, August 28th, 2010 at 2:20 pm in Financial Planning, Helpful Payday Loan Info
At least nine percent of American consumers are charged bank fees for 10 or more overdrafts in a 12 month period, and most of them didn’t even know their account balance was so dangerously low. Until July 2010, less than eight percent of US banks alerted customers when a transaction would overdraw their account and incur an overdraft fee. Until recently, consumers had little choice about accepting overdraft fees of $35 or more from their bank. Federal law now mandates all banks to alert consumers when an ATM withdrawal or debit purchase will overdraw their account and give them the option to continue or cancel the transaction.
When your account balance is getting too low between paychecks, borrowing online cash advances is a cheaper cash solution than overdrawing your account to pay bills on time. Cash advances cost about $15 for every $100 borrowed and are paid back within two weeks to one month, depending on your pay cycle. Compare the cost of a typical cash advance borrowed for two weeks with a typical bank fee for an account overdrawn for two weeks: A $100 cash advance payday loan costs $15 for a total of $115 paid back in 14 days. The annual percentage rate (APR) is 391%. A bank account overdrawn by $100 for 14 days costs $35 for every day the account is overdrawn. The APR on the overdraft fees is over 900%. Cash advances cost about 1/3 less than the price of a $100 overdraft.
An online payday lender can wire cash in 1 hour to your bank account the same day you apply for the cash you need. Don’t overdraw your bank account for your monthly expenses if you’re broke between paychecks. Replenish your account with a cash advance before payday and stop expensive overdraft fees before they start!
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