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The Truth on the Payday Loan
Payday Loan Truth #1 The fees associated with the payday loan are astronomical compared to other types of credit. It might not seem like a lot of money if you are asked to pay a $15 fee for borrowing $100, which is an average fee among the payday loan services. However, after two weeks if you need to extend your loan it will cost you another $15, so now you are being charged $30 to borrow $100. If you canĀ't get the money together quickly you will find yourself paying more for the credit than you received in the loan.
Payday Loan Truth #2 Payday loan companies are required by law to disclose any fees associated with your payday loan, including finance charges and the APR. You must receive this information in writing...
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