The fees charged on cash loans in the US are controlled by the Consumer Financial Protection Bureau (CFPB)

The fees charged on cash loans in the US are controlled by the Consumer Financial Protection Bureau (CFPB)

It’s a US government agency that ensures lenders, banks, and other financial institutions treat you fairly. Most cash loans will charge a percentage of the amount you borrow in interest. Depending on your state’s law and the maximum amount you’re allowed to borrow, the fee amount can range from $10 to $30, and a fee of $15 is standard. You can ask for a rollover if you’re unable to pay on the due date, and it’s permitted by state law. You’ll only need to pay the unpaid fees, and the due date of your loan will be extended. You’ll then be charged another fee plus the payday loans Tennessee original balance.

Many lenders charge the maximum fee allowed, but if you take your time and compare options, you’ll find some with reduced rates and attractive packages.