Why Are Fast Cash Loans So Expensive?
Fast cash loans are loans that are, well, fast! The most common fast cash loan is the payday loan. These loans are very fast and short term. You can usually get cash in to your bank account within a business day, and in some cases within an hour. You pay for this kind of speed though, a payday loan will usually cost you $25 for every $100 that you borrow. They charge this kind of money because these are very high risk loans for the lenders, and if they were going to charge bank like rates on a payday loan they would only make a dollar on a large loan, due to their short term. These loans are repaid by either writing a post dated check for the amount due, plus interest, for the day it’s due, or by having the lender automatically withdraw it from your bank account.
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