PayDay Loans
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PayDay Loans: Easy, Fast, High Interest
A type of short-term borrowing where an individual borrows a small amount at a very high rate of interest. The borrower typically writes a post-dated personal check in the amount they wish to borrow plus a fee in exchange for cash.
How are interest rates calculated and whats the average?
- Interest rates are determined by the minimum wage in your state
- The average APR is 400% and for every $100 the fees are about $15-$30
When might a consumer seek this type of credit?
There are several reasons; for example if you don't have the cash for your rent
What are two advantages to this credit?
- Easy to apply for and qualify
- It's fast cash in your pocket
What are 2 disadvantages to this credit?
- High Interest rates
- Loosing money in the long run
What are three other options before turning to this credit?
- Take your time and save money for the little things you may need
- Ask relatives or people close to you for a little cash so you may not have interest
- Wait for the paycheck