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Payday loans can be predatory, so educate yourself first.
Payday loans are a big business these days. Consumers use them when the money doesn't quite stretch far enough from one paycheck to the next. Although, consumers borrowing off a check before it reaches the normal payday, are going to be left with less money. However, those in dire economic straights can't say no to payday loans, and are unaware of even the most basic facts concerning them. What do they charge for the loan and how long will they hold the check?
Fees Make These Loans Risky at BestFees on payday loans are high can be astronomically high, sometimes half of the loan and if the loan isn't paid, then that is another fee to add to it. The way these places work, is that the consumer writes a check to the loan place and they hold that check until the next payday. So it can be held up to a month, depending on when the borrower gets paid next and when they write the check.
Then consider the interest rates on the loans. Finding a good rate for a payday loan is important. Some of these places are not regulated and they can charge interest rates and fees to the point where it can be a shock to the consumer to even take one out. Which should give the consumer pause, but people in desperate situations do desperate things in order to get the money they need now.
Astronomical Interest RatesConsumers Union showed that in 1997, a payday loan place in Colorado had an APR of 485%. Almost five-hundred percent is a big, scary number when it comes to paying back a loan that was so desperately needed.
The best rates for these loans are usually around a $15 to $17 fee on the loan amount. So if a borrower is getting a $100 loan and the fee is $15 per hundred, then they would give a lender a check for $115.00. If they don't have to 'roll it over' and get charged another 15.00, then they are coming out better than if they let it sit there and keep rolling over and continuing to pay that fee. There will also be an interest rate charged, more than likely, so the best thing for a borrower to do is check with the payday loans locally in their city or town and find out who is giving the best rates that they can afford.
Consumers and borrowers should avoid getting involved in Payday loans as a matter of course, as the rates charged are simply unsustainable. Even so, people under extreme economic duress will find it hard to avoid temptation, and should at least arm themselves with a understanding of the financial forces with which they are dealing.
