1. For a while many Americans were relying on a
payday loan to help them pay the bills and get
through until payday. However, many of these
services have become illegal because of the high
interest rates and fees associated with them. Of
course, online and in some states you can still apply
for a payday loan. Here are some truths of the
payday loan you might not be aware of.
http://loandirectorysg.com/
2. 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
3.
4. However, after two weeks if you need to extend your loan it will
http://loandirectorysg.com/ cost you another $15, so now you are being
charged $30 to borrow $100 If you canÂ’t get the money together quickly
you will find yourself paying more for the credit than you received in the
loan
5. 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
6. You must receive this information in writing from the payday loan center
where you are borrowing money
7. Payday Loan Truth #3 You are getting in worse debt, rather than out of
debt, when you use payday loan services
8. The finance fees and APR are ridiculously high and you will be spending
even more money you do not have to borrow a small amount of money to
pay a bill
9. The better option is to talk to your bill collectors and find out if there is
any way to extend a payment, or what the late fee might be
