What You Need to Know About 3000 Payday Loans
If you are looking for 3000 payday loans, then there are a few very key points about such loans that you need to be aware of and consider before you sign on to the agreement. Below is a brief outline of how a 3000 cash advance loan would work if you went in to a payday loan center in order to secure one today.
First, you would need to show that you exist, have a checking account, and that you have a job. This is all that you need to have in order to qualify for such a loan. So, these loans are very quick and very easy to get. You can walk in one day and within minutes walk out with cash in your pocket. The amount you walk away with can be as little as a 1500 cash loan or as much as a 5000 dollar loan.
Second, you have to pay for the loan. This, however, is not as easy (sadly). In order to get the loan you will write a post-dated check to the lender for the principle plus origination fees plus interest costs. The equation looks like this:
Total Cost of loan = Origination Fee + Interest Costs
You simply will take the principal amount that you are borrowing, and the total cost of loan to it to come up with the amount that you will have to write the post dated check for. For example, on a 3000 loan the equation may look something like this:
Cost of Loan = (.17 x $3000) + (400%/52 x 3000)
As you can tell, you do not want to let this loan go for longer than the one or two weeks that you originally signed up for (in addition to the crazy interest costs, you will also have to pay some kind of late fee penalty). With such penalties added on to additional interest rate costs the loan will end up costing you more than just a couple hundred dollars, and it will make it very difficult for you to get back on your feet financially.
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