Payday America Fees
I was checking out the fee structure for a local Payday Loan company in Minnesota called Payday America. As you would expect for Payday Loans the APR for a typical loan is quite high. You'll see APR's of 228%-737% depending on the amount of money you borrow. The smaller the loan you take from Payday America the higher the APR. While you might expect the interst cost to be high the APR is actually constructed by combining an annual fee, cash advance charge and interest rate so when you look at them individually the Payday Loan at Payday America isn't so unreasonable. The raw interest charges range from $1.28 to $11.59 but you need to add that to annual fee from $2.00 - $50.00 and a cash advance fee of $25 or $30 again depending on how much you borrow. So you need to decide for yourself if a cash advance loan from Payday America
is worth the price you'll pay in the end.