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With merchant cash advance vs bank loan in mind, we looked for the highest and lowest fee each lender charges. This gives a good baseline for how much you can expect to pay and how these lenders approach state regulations, especially in the states with no regulations. The fees we list apply to a 100 loan for a 14-day period. Often, you see APRs listed for payday loans as high as 600. Because you pay the loan back in two-weeks to a month, the APR serves mostly as a gauge of how expensive the loan is.
Payday loans charge a finance fee, which ranges from 10 to 30 for each 100 you borrow. We chose to include this fee rather than APRs to give you a better idea of how much youll end up paying if you decide to get a payday loan.
Frequently Asked Questions. How do I know I can trust Cash On Your Mobile. WeвЂre registered with ASIC and The Credit Investment Ombudsman. We take your privacy very seriously and use the most up-to-date and powerful encryption technology to keep your bank details secure. Do you have an Australian Credit Licence Number. Yes we do. ItвЂs 474107, and our ABN is 89 603 132 618.