What You Need to Know About Online Payday Loans

Online payday loans, or cash advances, can come in handy when unexpected expenses come up… car repairs, medical bills, tuition bills, etc.  A payday loan can be expensive though, so here are a couple things to watch out for.

Your typical payday loan will cost you $15-30 per hundred dollars borrowed, so on your next payday, you’ll have to repay the amount borrowed plus interest. Most payday loans can be extended to the next payday by simply paying the interest-only portion of the loan, though some will require full payment, but then turn right around and re-loan you the money back.  The number of extensions allowed will be set by the lender.

You’ll find that the as you become a “repeat” customer, that the interest rate could go down, the approved loan amount will go up, and possibly the length of repayment extended for a longer time.

Where to Get Online Payday Loans

The internet is a great place to get a payday loan, as many lenders are looking to expand their business. You can get better rates and repayment terms because you can actually get lenders to compete for your business, as opposed to going to your local payday loan store, and simply having to go along with their one set of lending terms.

A great place to get an online payday loan is 100DayLoans.com. They offer 100 day repayment terms, fast approval and funding, and no faxing is required.