Tag: instant payday loans

The True Cost of Payday Loans

Posted by admin – January 9, 2012


It’s often asked why payday loans are so expensive; with huge annual interest rates sometimes quoted, implying that rich companies are profiting at their customers’ expense.

When investigating why short term loans cost what they do, it’s worth pointing out that it’s very misleading to talk of APR in relation to these kind of loans, as the loans are made over a much shorter period of time.The annualised interest rate is easily in the triple-digit range, but these astronomical figures really bear little relation to the actual cost of the loan products.

Using the same reasoning, you could quote the price of a taxi at £15,000 per 1,000 miles, or £50,000 for a ton of oysters,…

Payday Loans or Credit Cards?

Posted by admin – September 3, 2010


What differentiates a credit card from a payday loan? We are certainly not talking about fundamental differences between two unique financial products. In the context of indebtedness, it is the discourse on ‘which option is easier on the budget’ that can go on for eternity. So let’s take a closer look at these  financial solutions for the cash-strapped.

Credit cards had taken the world by storm when they arrived. Soon enough, every second person in the world had a 3×2-inch plastic card in their wallet – a metaphor for financial independence. Or is it addiction that would eventually prove disastrous for those who throw caution to the winds? It is, perhaps! Absorb this, 6% of households in Great Britain use credit cards to pay their rent and mortgage. Considering the “plan B” nature of credit cards, this dependence…

Managing Your Expenses Is The Best Way To Stay Out Of Debts

Posted by admin – August 13, 2010


Discussions regarding the effect of the new budget on the people, and its reflection on the government,  have been circling the UK market ever since the introduction of the new budget. There is always an imbalance in the economy of the country, and in the finances of an individual when the expenditure out-weighs the income.

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Be a Smart Borrower

Posted by admin – August 12, 2010


Generally, people tend to stay away from getting into any kind of debt, but when we are pressed for cash, we have to forgo a few payments, and thus begins our debt cycle. We use a lot of credit, but fail to realise that we can never get anything for free, but that we will have to pay for it at some point in time, and by using credit, we are just delaying the payment, making it in bulk, but repaying it at a higher cost. There is no doubt that credit cards are convenient, largely secure to an extent, and have their own importance. But, at the end of the day we have to pay the bills.

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