Be cautious of longer loan terms
Even though small consumer loans might have lower APRs than a payday or installment loan. That’s because these come with interest rather than a fixed fee, which has a chance to add up over time.
Let’s take a look at the difference between the cost of a $400 payday loan with the maximum fee charge of $62 versus a $400 small consumer loan with the maximum term of one year and APR of 99%.
Payday loan | Small consumer loan | |
---|---|---|
APR | 161.64% | 99% |
Monthly cost | $462 | $53.77 |
Total cost | $462 | $645.21 |
While your monthly cost might be more affordable, the small consumer loan actually costs nearly $200 more.
Can cash advance approve a 15000 loan for 45 months at 10,% interest. Is it even legal i reside in Lewiston,Maine thank you
Hi Herbert,
Thank you for your inquiry.
We do have a list of payday loans in Maine. Please don’t hesitate to use our comparison table to help you find the right lender for you.
I hope this information has helped.
Cheers,
Harold