You see advertisements for Payday Loans also referred to as short-term solutions to money problems everywhere - on city buses, billboards, in newspapers and online. While getting a small loan like this is a fast and easy fix to a financial problem, the question many consumers ask is "Is it worth it?" There is little evidence to dispute the fact that Payday Loans are convenient and that you can become approved quickly and have the money put into your bank account the same day that you apply for the loan. But are they the deal of a lifetime? What's the catch?
Payday Loans are really quite easy to understand. Usually, you will only need to log onto the Internet, locate a lender, provide some basic information, such as proof of employment, your monthly earnings, proof you are over 18 years old and your active bank account information. Upon approval, the money is simply transferred to your bank account and you are done.
The 'catch' associated with payday loans is the high rate of interest that is often attached to these loans and the fact that they must be paid back quickly. Most typically, the interest charged on this type of loan can range from 10 to 25%. For example, if you borrow $100, you will be required to pay back $125 on a loan that has a 25% interest rate attached to it.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น