Payday Loan Pitfalls
Need fast cash? Can’t wait until payday?
Perhaps that should read; Need fast cash? Can’t wait until payday? Borrow money for only 500% interest. (Payday Loan Fees can run between 390 to over 780% APR depending on the lender) To put it in perspective a Credit Card issuer typically will charge between 10 to 25% APR. Continue reading “Payday Loan Pitfalls” »
Payday Loans and Check Cashing Alternatives
A Payday Loan is a small, short-term loan at an extremely high interest rate, usually a cash advance loan secured by a personal check. These services may also be known as check advance loans, post-dated check loans or deferred deposit check loans.
The finance company charges a fee to the borrower as a percentage of the checks value. If an individual writes a personal check for $115 to borrow $100 for 14 days, that $15 “fee” is equivalent to 391 % annual interest. Continue reading “Payday Loans and Check Cashing Alternatives” »