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It is important to understand the true cost of obtaining a loan from fast direct cash advance lenders. With short-term loans showing an APR in the hundreds and in some rare instances thousands, how is one to understand how that interprets into a loan of only a few weeks? Since interest is the amount a third party money source will charge a borrower for the use of their money, how much a person is willing to pay will measure the final cost.

When a person signs a contract to borrow money from a business, there will be interest placed on the amount borrower/spent. The payoff terms will help the borrower to understand how the money will be charged. Will the interest accrue each day that the money is not returned? Will there be a set term where interest is charged on the balance on that day? It is important to fully understand the terms and conditions set by the company you choose to do business with.

Short-term loan lenders must inform a borrower of the APR rate even though the loans are typically set for a 2 week term. This information is found within the terms and conditions. A high APR is awfully scary for those borrowers who do not understand how it works. An annual percentage rate defines the cost of interest over a year’s time. A credit company may show a rate of 20.99%/year while direct cash advance lenders show 36.99%/year. If you look at the numbers only, it sure does sound like the credit card would be a better choice.

A credit card company expects only a very small percentage of the outstanding balance to be paid off each month. Many people feel good about ‘affording’ the expense and willingly use credit for many types of money matters. There is no ‘full payoff’ date set, just monthly statements which report the new balance, the interest fees applied and the calculated minimum balance with its due date. People like to have the no pressure payments and the temptation to spend more of their credit with only a slight increase in payment demand is appreciated.