No one likes to be broke. Unfortunately, with the economy under the weather, and many employers reducing the amount of hours they are willing to give to workers, being broke has become a social norm. Many people go to bed worrying about how their rent will be paid, or how they are going to find the money to fix their car. Better budgeting may help, but the reality is, most people just aren’t able to make it every week. For those people, over draft fees have become a whole extra bill to pay. Low cost payday loans online could help to relieve some of the stress and the bank’s usurious overdraft fees.
Bank Fees
Banks are sneaky. They use lots of jargon to confuse people. They never provide all of the needed information, or the print is too small or there is too much of it to comprehend. When someone signs up for an account, they will be sure to let their customers know that if they are overdrawn, the bank will give them twenty four hours to replace the money before an overdraft fee is incurred. However, they don’t make much of an effort to explain all of the fees that go along with being overdrawn.
Most banks charge a fee of somewhere between twenty-four and thirty-six dollars for overdraft. If a customer overdraws his or her account three times, there are three overdraft fees. It doesn’t stop there though. On top of the customer’s overdraft fee, banks will often also charge a daily fee of five to seven dollars. So, three transactions at twenty four dollars each for five days, that equals one hundred and seven dollars, even if the account was only overdrawn a total of seven dollars.
Cash Advance Fees
When a customer searches low cost payday loans online, he or she will pay roughly fifteen dollars for every one hundred dollars borrowed. That’s it – no hidden costs, no interest, and no daily fee accrual. The fee percentage rate sounds incredibly high, but the fact is, it’s a flat fee per 100 dollars, with eight to thirty one days to pay it back, depending on your pay schedule. That’s roughly one dollar and ninety cents per day. It doesn’t take a rocket scientist to see that payday loans are the smarter choice.
Payday loans are obviously not something anyone wants to have to take, but sometimes it is necessary. Customers will do themselves a world of good if they used payday loans instead of allowing their bank accounts to overdraft.
