The annual percentage rate (APR) of a payday loan is a helpful tool to compare rates of lenders. According to the ?ruth in Lending Act,Gucci chaussures,?passed by Congress,Chaussures Tory Burch Tongs, payday companies are to provide you with the APR. Some companies list this information on their site, while others only provide the fee amount and give you the APR after you have submitted an application.

         You can figure out the APR based on the fee amount by using the following formula. This way you will have an accurate way to compare costs, enabling you to find the best deal.

         The Formula

         Begin by multiplying the payday loan fee by the number of pay periods in a year. So if a payday loan lender charges a fee every two weeks,Louboutin Chaussures Homme, then there are 26 pay periods.

         For our example, we will use a loan fee of $15 for every $100 borrowed. This is a quintessential rate, although you can find lower rates for first time borrowers.

         The formula looks like this:

         15 (loan fee) x 26 (pay periods) = 390

         The 390 equals the yearly charge for the loan. To find the percentage rate,christian louboutin, we will have to do one more step. Divide the yearly charge by the loan amount,Christian Dior chaussures, then times the total by 100 to get the percent.

         For instance,Gucci Sandales, we will take 390 and times it by $100 since that was our original loan amount. The formula is:

         390 (yearly charge) x 100 (loan amount) = 3.9

         3.9 x 100 (to get the percent) = 390% (APR)

         What It Means

         Payday loans give you a cash advance with the intention that you will pay back the loan on your next payday. You will not be paying $390 in finance fees for the year,louboutin pas cher, unique the $15 for the pay period. However,Christian Louboutin Bottes, if you roll over the loan, you will be racking up the finance charges.

         Cash advances are optimal utilized for temporary emergencies,Salvatore Ferragamo chaussures, like covering a bounced check or car repairs. For longer term credit,Christian Louboutin Sneakers, it is better to look at a credit card or personal loan. While these types of loans will affect your credit score, they will also provide better rates.

         See our recommended payday loan companies online by visiting this page:Recommended Payday Loan Lenders Online.

         Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

相关的主题文章：

• 如要列举本赛季最潦倒的球队
• 只有感性有序地网络议政

Mavericks in the year with a young German - Harris and the Nets trade Jason Kidd has been questioned, because after that a few years time, the Mavericks are struggling in the playoffs, or even out in the first round. But now there is a further improvement in the situation, his excellent organizational skills inventory of the team. class players. p> 2006 年 Mavericks finals of the lineup, Josh - Howard is the team's underboss, but his lackluster performance after mediocre, his teammates had no confidence in him, leave him at this time is an inevitable of. Transaction in which Howard, the Mavericks in exchange for the All-Star forward Caron - Butler, Haywood big players, and point guard Stevenson, set up the main team now.