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Payday Loan Fees

One of the biggest drawbacks to payday loans is the high fees that many lenders attach to such cash advances.

Payday loan fees can add hundreds of dollars to the cost of a loan. Everybody who gets a payday loan should be aware of payday loan fees.

In particular borrowers should be on the lookout for hidden fees that lenders can use to drive up the cost of a payday loan. Being aware of payday loan fees can help a borrower save hundreds of dollars on payday loans.

Examples of Payday Loan Fees

There are several kinds of payday loan fees that lenders will try to hit a borrower with. Many of these loan fees can be avoided if a borrower is watching for them.

Many lenders will charge a borrower an application fee for applying a loan. Some lenders charge every new borrower an application fee.

The most common payday loan fee is a renewal fee. This a fee charged when the lender renews the loan for the borrower. Most lenders will be quick to renew payday loans because they can slap the borrower with a renewal fee.

Some lenders may charge other kinds of fees such as handling fees, cash fees and even fees for applying online. Many lenders will charge borrowers who use a physical lending location an additional fee.

How Payday Loan Fees Work

Most payday loan fees are added to the cost of the loan when it is repaid. These can fees can build up fast because the lender can charge them every time the borrower renews the loan. This can add several hundred dollars to the cost of the loan.

Payday lenders often try to hide fees in the fine print of the loan application. The lender is hoping that borrowers won’t read the fine print and spot the fees.

Reading the entire application including the paperwork can enable a borrower to spot payday loan fees and avoid them. A good rule of thumb is not to do business with a lender that uses a lot of hidden fees.

Avoiding Payday Loan Fees

If you see payday loan fees on your loan always ask the lender about them. Ask the lender if the fees can be waived or taken off.

Lenders want your business so they might do this for you, especially if you are a good customer with a track record of repayment. Remember there are lots of payday lenders out there, so tell the lender you won’t use their product if they hit with payday loan fees.

Avoiding payday loan fees can save a borrower hundreds of dollars on payday loans. A really good way to avoid payday loan fees is to take advantage of online payday loans which often come with fewer fees.