Working out of a payday lending hole (Bankrate.com via Yahoo! Finance)- About: Cash Pay Advance
Plugging a hole in a dam with chewing gum is a good analogy for using a payday loan to solve a financial problem. The fees that are charged for a typical payday loan are the equivalent of paying more than 200 percent to 500 percent interest annually for the loan. No one would sign up for a term loan with those kinds of interest rates if they had another choice, yet payday loan establishments outnumber fast food chains in many cities across the United States. Rather than buying into the advertising that payday loan establishments tout, "Get a loan to tide you over until your next payday," stop and think before you act. If you don't have the money now, for whatever it is that you decide you need a payday loan to cover, what makes you think that when you get your next paycheck you'll have enough money to cover all your expenses, the payday loan and the odd emergency (engine problem, traffic ticket, pet or kid sickness, etc. Find Out More
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