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, only the $15 for the pay period. However, if you roll over the loan, you will be racking up the finance charges.
Cash advances are best used for temporary emergencies, like covering a bounced check or car repairs. For longer term credit, 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:
www.RushAdvance.com
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