can interest be charged on cash advance loans per day?
justmeandu asked:
have u ever seen a per day interest amount added onto cash advance loans?
3 Responses to “can interest be charged on cash advance loans per day?”
have u ever seen a per day interest amount added onto cash advance loans?
I remember seeing a "daily periodic rate" on my credit card statement.
I think you are asking if it can be compounded daily. I believe it can be compounded as frequently as the lender chooses, if agreed to by the lendee. There may be federal limits on this kind of thing, though. Some states, for instance, limit APRs on credit cards.
That's pretty much how they work. The typical interest rate on payday/cash advance loans is in the 600% range.
Find some other way. You would be better off paying late fees on some of your bills than taking out a payday loan. If you are short this week, you will be even shorter next week when you pay all that interest.