What is a safe place for a online cash advance?
hobey3 asked:
i know some will say none are safe but just wanted to find a place that isn't a scam. also on some sites it says the APR is like 700% or more.. what does that mean and when would it come into effect? if i wanted to borrow $1500 what would my total costs be?
it depends on how long you take to pay it back….. if you carry the loan for a year, it is a great amount of interest. If you plan on paying it back fairly quickly, it may only be $100 in interest…. I've done cash advances a couple times, but paid them back within a month. The best one I've found is from a site that reviews all different types of products and services.. here is the link, and best of luck.
Hello,
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Good luck..
APR stands for anual percentage rate. That means at 700% APR you would be paying seven times the principal if you had the loan out for one year. This mostly is because of all the fees that come along with a payday style loan. Payday loans are designed to be very short durration loans. They represent a large risk to the lender because the demogrpahic that use payday loans are very risky to lend to. You need to ask yourself what you are going to buy with the payday loan. Almost nothing that you are going to buy would make sense to buy at such an astronomical interest rate. Unless it were an outright emergency, like litteraly for medical treatment. Thin about this $1500 borrowed at 700% is over $10,000 if the loan is outstanding for one year and in that calculation the interest is not compounded. One alternative for you might be this site: