The Cost of Short Term Cash Advances

Short term cash advances are intended to be paid off quickly and can be very expensive if utilized as long term financing. Various Truth-in-Lending laws require financing disclosures to be expressed as an Annual Percentage Rate (APR), or the cost of the credit advanced to you expressed as an annual rate. The APR for an online short term cash advance is almost always higher than traditional loans offered by banks and other financial institutions because these cash advances are meant to help you get through a few days or weeks rather than several years. Also, the requirements for receiving these unsecured short term cash advances are typically much less stringent than traditional lending sources.

Since WeFixMoney is not a lender, we are not able to provide or advertise the actual terms, rates, APRs, or fees associated with the loan you may receive from a lender. The reason for this is that the terms, rates, APRs and fees vary from lender to lender.

By way of example only, the APR on a $500 loan, with a $150 loan fee (for a total payback amount of $650), repaid in one payment after 14 days, is 782.15%.

If a lender agrees to work with you, you will be shown this information as a part of the loan terms, by that lender when you are redirected to its website. Please review the information the lender provides carefully and make sure that you understand how much money you will receive and how much you are required to payback. Each lender should provide its loan terms clearly and in a way that is easy to understand. If you do not understand the terms of the loan or don’t agree with them (including the APR), do not continue or agree to the terms and do not provide your electronic signature. You are not obligated to accept the terms! However, you will not receive the loan if you do not agree. Reach out to your lender directly if you have questions about their loan offer.

If you do not pay your loan according to its terms, your lender may:

  • Charge you late fees
  • Send your account to a collection agency
  • Report your information to a consumer reporting agency, which may negatively affect your credit score
  • As a convenience, some lenders may offer to "roll-over," renew, extend or otherwise alter your payment terms. Such adjustments may cause you to incur additional fees, charges and interest. Further, some roll-over loans may renew automatically unless you request otherwise.