You pay someone to give you money sooner. If you make $100 and you pay $10 to get it sooner your only making $90.
The main benefit is that you can get some quick cash in a pinch.
The major downside is that the interest rates these places charge would make a loan shark blush. Yes the rates are THAT bad. The APR, annual percentage rate, in the state of Nevada for one of these legal loan sharks located here in Las Vegas is 430.18% with a checking account and 573.57% without a checking account!
Payday loans are a financial trap no one should ever get caught up in. If for some reason you can't pay off the loan on time you will be stuck making interest payments which add up rather fast. A person should never ever use these services except as a last resort in an emergency.
These are loans that are used daily by some, but really should be a last resort after having asked friends or family for help. The do have their place, but should not be looked upon as an ATM, but rather a "Break Glass In Case Of Emergency", type of issue.
by Rose Norton4 years ago
How do i get a loan when i have payday loans
by gmrwebteam5 years ago
Today's era payday loans are the most famous and used form of financial service.People like to have payday loans from some cash advance store rather than going to bank.Can anyone tell me why is it happening?Regards
by L M Reid6 years ago
HelloI have just published a hub about Payday loans. There are 2 warnings that came up above my heading instantly.Warning This hub is about Payday LoansWarning This hub is about Debt Consolidation I am presuming...
by Anjili3 years ago
Where do you get the most cost-effective loans from?
by retellect6 years ago
What are the alternatives to a student loan?
by debandboys6 years ago
where do i find a loan as im a siingle parent on benefits with poor credit?
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