Payday loan with savings account only is a form of quick cash advance that can be taken for two weeks or until the next pay date. It is useful in meeting small financial needs ranging from $100 to $1500. This quick personal paycheck substitute comes with a fee which can be from $15 to $30 per $100. This translates to 390% to 780% APR (Annual Percentage Rate). For example, a loan of $400 taken for 14 days will amount to $460 (390% APR). The fee is quite high since the lender safeguards himself as neither any collateral nor any bad credit score is taken into consideration while providing the money. A post dated cheque of the total amount has to be deposited at the lending store.
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