Personal Finance Advice: Payday Loans
Payday loans can be very tempting for people who
are struggling to make ends meet.
You show the lender recent pay stubs, and they advance
you cash. The intent is for this to be a short-term
loan, which you will pay back at your next payday,
or over several paydays.
The problem is that the fees charged are often extremely
high. If you borrow $200 and pay back $50 a week,
you may end up paying a total of more than $350.00!
If you are unable to make the payment and forced to
renew your original loan at $40-$50 for each occurrence.
Clearly this is not such a great deal.
|
Complete the 2 minute Free No-Obligation Quote below.
A Financial Counselor will contact you within 24 hours to discuss
the benefits of a debt consolidation program.
|
