What does “Minimum Fee” refer to?
“Minimum fee” refers to the total finance charge applied to the entire principle of the loan. For example, to advance a payday loan for $100, the finance fee charge would be $20. Our current Finance fees are always 20% of the total amount borrowed. For example, let’s assume you borrowed $300, the total minimum fees (finance charge) for that loan would be $60; likewise, if you borrowed $600, the total minimum fees (finance charge) would then total $120. Minimum fees are simply the total finance charge of the loan. Note: Minimum fees are very important when trying to apply for an extension.
