There are numerous fees associated with payday loan cash advance. Most of us only see the ones that are shown to us by the lenders. Hidden fees and recurring charges are invisible deadly traps. You may often feel confused at the number of fees payday lenders usually ask for. Your lender may be good enough to make you aware of the different loan fees. But that may not always be the case. Often there are lenders looking forward to charge a huge sum of money in the form of payday loan fees. So, you should be aware of the hidden charges involved in payday loan transactions.

In order to help you understand the true side of payday loan, here’s a comprehensive list of the various charges.

• One Time Set Up Fee: This is a one time fees charged by the lender when you request a loan for the first time. This is a kind of membership fee, usually ranging from $10 to $15.
  
  
• Interest: Interest is charged on the loan amount from the day of taking the loan to the day you pay off the loan. The interest can even go beyond 1000%.
  
  
• Service Fee: The service charge is the fee paid for availing the loan service. At times, service charge may be included within the interest charged on the loan. You will find various hidden charges.
  
  
• Loan Repayment Fees: TThis fee is charged by the lender to cover the expenses that will be required to en-cash your loan repayment check. If you do not repay in cash, the lender will have to deposit the check to process withdrawal directly. To avoid this fee, pay off your loan in cash.
  
  
• Early Repayment Fees: If you decide to pay a loan before its maturity term, the lender may charge an early repayment fee.
  
  
• Roll-over fees (Extension Fees): If you are not able to pay off your loan, you may request for an extension of the loan period. Some lenders will allow you to roll over your loan until next payday. However, you will be charged a roll over fee or an extension fee for the same. Also there will be interest on interest.
  
  
• Collection Fees: In case of default on your loan, the lender may put your account into collection. The fees charged on account of this collection process is called 'Collection Fees'. This may have a negative impact on your credit history. Also, the lender might sue you in order to get back the loan amount with the interest payments.

Payday lenders do charge a huge amount of fees for providing the cash advance. The only way to avoid paying higher fees is to bypass charges like loan repayment fees, early repayment fees, roll over fees and collection charges. You can get rid of such fees by paying off the loan in time thereby preventing your lender to take legal action against you.