• Why is it called a payday loan?

  Filed under Payday Loans
  Jan 13

  Excellent question! Legislators have not quite figured it out. The purpose of a payday loan is to have it paid back by….drumroll….payday! It is that simple!

  The problem is that people do not understand payday loans. And what they do not understand they fear. There is nothing to be afraid of; the process is really quite simple.

  Payday loans are short term loans. Term is the time a loan is out. So the time you have the loan is very short. To account for this, the interest is very high. Imagine having a loan at 20% APR for only a week. What would that cost you, three cents?

  Payday loans, when used responsibly, can be very helpful. Those who abuse them are those who feel abused by them. Only borrow what you can pay back with your next paycheck. Then you never have to worry.

  Tagged as: Payday Loans
  
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