Payday Loans Can Be Costly
As news spreads about how great payday loans are when you are caught in a financial jam, many people lose sight that payday loans can be costly. More people are relying on payday loans to make ends meet and some even use these short term loans as long term financial solutions. By doing so, they put themselves at risk for major losses and creating a vicious cycle of debt. With a little knowledge, payday loans can be extremely helpful in emergency situations while avoiding long term and costly problems. The reason why payday loans are often found to be extremely costly is because their interest rates can add up to being over 2700 percent a year. You may see that the interest rate is online 17 percent on the website, but this is not technically an accurate number. This is what you will be charged on only two weeks of a loan. If you borrow $100, you will pay 17 percent. However, the APR is in the hundreds, what you would pay annually if you do not pay back your payday loan on time. With irresponsible payday loan borrowers, they can be caught in a whirlwind of debt, if they do not pay back their loan on time. In 2009, a soaring 1.2 Billion pounds were borrowed in payday loans. in 2014, it is expected by Datamonitor that people borrow anywhere between 2.7 and 3.5 billion pounds per year. The employment trend has certainly had an influence in payday lending which has driven many people into the arms of payday loans rather than long term loans. These people find short term loans to be more convenient and easier to obtain rather than loan term loans which instantly put them into debt. Many people feel they can handle taking out short term loans and paying them back within a two week period. There seems to be no slowing up for payday loans anytime soon from consumers.Fill in the online loan application
We will be able to give you access of up to $500 and your credit does not mean a thing to us. You will receive instant approval with an active bank account, a steady job and proof of your age. You must be 18 or older to qualify. Learn more about payday loans on our site before applying.
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