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The great thing about payday loans is that all the
fees are disclosed upfront and they are easy to
understand. The cost of payday loan or a cash
advance sometimes can be a lot lower then a cost of
a cash advance from a credit card depending on the
size of the cash loan.
A single credit card may have
several APRs:
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One APR for purchases,
another for cash advances,
and yet another for balance
transfers. The APRs for
cash advances and balance
transfers often are higher
than the APR for purchases
(for example, 14% for
purchases, 18% for cash
advances, and 19% for
balance transfers). |
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Tiered APRs.
Different rates are applied
to different levels of the
outstanding balance (for
example, 16% on balances of
$1–$500 and 17% on balances
above $500). |
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A penalty APR. The
APR may increase if you are
late in making payments. For
example, your card agreement
may say, “If your payment
arrives more than ten days
late two times within a
six-month period, the
penalty rate will apply.” |
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An introductory APR.
A different rate will apply
after the introductory rate
expires. |
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A delayed APR. A
different rate will apply in
the future. For example, a
card may advertise that
there is “no interest until
next March.” Look for the
APR that will be in effect
after March. |
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