Payday Cash Rewards
What Are They?
Payday Cash Rewards are cash credits that you earn whenever you repay a BestPaydayLoan that is outstanding for 10 days or longer. For every $100 that you borrow, you receive 2 Cash Reward points. Each point is worth $1 in credits toward the fees charged on a future loan. For each original loan of $100 you earn $2 in credits that can be used on future loans. You can use your accumulated Cash Rewards starting after you repay your fourth loan.
Show Me!
| Loan Number |
Loan Amount |
Loan Days |
Fees Due |
Credits Earned |
|---|---|---|---|---|
| 1 | $200 | 11 days | $35.00 | 4 |
| 2 | $300 | 10 days | $47.25 | 6 |
| 3 | $350 | 10 days | $55.12 | 7 |
| 4 | $500 | 10 days | $78.75 | 10 |
| 27 | ||||
| 5 | $500 | 10 days | $78.75 | 10 |
| ($27.00) | ||||
| $51.75 | ||||
| $500 loan for 10 days with a fee of | $78.75 | |||
| Cash credits are applied | -$27.00 | |||
| The actual fee due is | $51.75 | |||
In this example, when the first four loans are repaid with no returns, you earn 27 credits. The credits are automatically applied to the fees due on your next loan, that is, loan number 5. In addition, you earn an additional 10 credits for the $500 borrowed on loan #5. So loan #6 will have a fee reduction of $10, and you will earn points based on the amount you borrow for that loan. And on, and on!
Can I Accumulate Payday Cash Rewards?
You accumulate credits for the first four loans and then they are automatically applied to your next loan, regardless of the duration of the next loan. The loan must be out for at least 10 days to earn credits, but you can apply them to a loan of any duration.
So, if loan #5 was a $200 loan for 4 days, then the fee would be $10.50. You would use 10.5 of your 27 credits AND THE LOAN WOULD BE FREE!! The remaining 16.5 credits would be automatically applied to the fees due on your next loan.
What's the Bottom Line?
Payday Cash Rewards reduce the cost of your already low-cost cash loan. In the above example of 27 Payday Cash Rewards credits, the cost of the loan was reduced by 34%. Can you afford to use any other lender? Receive a BestPaydayLoan and earn Payday Cash Rewards with every loan.