Payday loan companies are very different from the traditional money lending sources. They do not offer any fixed or floating rate of interest on the principal amount that they lend. Instead the company charges a fixed fee on the amount lent. This fee is usually called the cost of payday loan. The loan policies offered by such company are highly flexible; hence the fee determined by these companies is also on the higher side. So, it is better to thoroughly search the market before going in for a deal.
A ten dollar payday loan is given for very short period of time. Some people avail such loans for even less than two weeks. Hence it is much more convenient for the company to charge a flat fee than to apply APR (annual percentage rates). The fee is usually $10 per week, for every $100 borrowed from the company. Therefore it is called a 10 dollar payday loan. These kinds of loans are the latest in the payday loan market. By getting such loans you need not worry about the daily interest and the application costs.
The company decides a due date regarding the repayment of the loan, at the time the loan is given to the borrower. If, by any chance, you are unable to pay off the entire amount by your due date, the company offers you a few options. You can put off your principal amount until the next payday and can pay the flat financial fee charged by the company. The other option is to pay both the fee and the amount later on some other date. In both the options an additional fee is charged for the delay and extension.
There is no paperwork involved in getting loan from such companies. By being a ten dollar payday loan borrower you can save the trouble of standing in long queues and at the same time get rid of the time-consuming paper formalities. You can apply for the loan anytime according to your availability. All you have to do is to get online and fill the application form. The required amount gets credited to your bank account within a few hours of applying. Such benefits raise the cost of payday loan.
Make Sure To Get Best
There are hundreds of companies in the market which are ready to lend loans without any credit checks or time consuming paperwork. They try to make the whole process as simple and quick as possible. All these facilities increase the cost of payday loan. But there is a lot of competition among such companies. They may offer some reduced fees in order to promote their loan policies. You can take proper advantage of such situations by properly searching the market for the best deal.
Cost of a payday loan maybe on the higher side, but it can handle your financial crisis, instantly and efficiently. Being a ten dollar payday loan borrower allows you to take care of money jams. A 10 dollar payday loan is of real help between two successive paydays.