average daily balance definition

average daily balance definition
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Payday Loan Glossary: average daily balance

Average Daily Balance is a method used to calculate finance charges. Average daily basis is calculated by adding the outstanding balance on each day in the billing period, and dividing that total by the number of days in the billing period. The calculation includes new purchases and payments.



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Definition: average daily balance (Cash Advances)

Payday loans provide cash advances to people in need of quick money. The payday loan store (or online pay day provider) can assist consumers in paying off debts such as utility bills or emergency car repairs when the cash flow is not readily available from their bank accounts.

Alternatives to Payday Loans (Cash Advances): The FTC has the following suggestions when researching an online payday loan provider or store:
When you need credit, shop carefully. Compare offers. Look for the credit offer with the lowest APR - consider a small loan from your credit union or small loan company, an advance on pay from your employer, or a loan from family or friends.
If you are regularly using most or all of the funds in your account and if you make a mistake in your checking (or savings) account ledger or records, overdraft protection can help protect you from further credit problems. Find out the terms of overdraft protection.

Payday Loan / Cash Advances Common misspellings:
pyaday, apyday, payda, paydy, payay, paday, pyday, ayday
loan, loam, roan, lone, loin, roin, loen, roen, roam, olan, oran, lona, rona, 1oan, laon
cash, cache, cahs, csah, acsh
daance, davence, avahnc, davnce, davanse, avahnse, davace, davense, avahnce, davane, davanc, avenc, davenc, avanc, davahnce, avense, davahnse, avanse, davahnc, avence, dvance, davance, advamce, advanec, advacne, advnace, adavnce, avdance


The cost of pay day loans, under the Truth in Lending Act, must be disclosed like other types of credit. You have to be provided with: the finance charge (dollar amount) and the annual percentage rate / APR (the cost of credit on a yearly basis).

Information on No fax payday loans and quick cash advances

Payday Loans Glossary of Terms - Define: average daily balance - 2004 HJ Ventures International, Inc.