Cheap Payday Advances

Cheap payday advances are nothing more than advertising ploys to get you in the door. Even if cheap payday advances were honestly cheap, they'd still be tough to repay.

Cheap Payday Advances - A Hero Never Lies

The hardest part about being the Payday Loan Hero is dispelling al the hopeful myths people believe true about today's payday advances, and one of the deepest imbedded beliefs is that if these loans were more affordable, things would be a whole lot better. On the surface, cheap payday advances charging say $50 per $100 borrowed would indeed cost a it less than the average $20 per $100. 5%, 20% - there is a difference, but it turns out increased affordability doesn't do squat.

Bigger fish than cheap payday advances

The problem with payday cash advances isn't that the lenders charge too much, its that they charge too much too fast. here is what the Hero means:

The Hero says no, even with increased affordability you will still have only $475 to last you the two weeks until your next paycheck. Instead of affordability, you would have benefited from a slower repayment term, a 20% charge would be fine if you had a full month or even two to repay the advance. Even at a repayment rate of two month the APR for a $20 per $100 advance would be about 120% - cheap payday advances when compared to today's opportunities, but still more expensive than anything in the rest of finance.

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