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,…
Do you ever find yourself strapped for cash halfway through the month, when an unexpected expense occurs that you don’t have the necessary funds to deal with? Unforeseen expenditures such as car repair bills, and emergency medical bills occur without warning, and put a severe strain on your carefully prepared budget. Even planned expenses, such as vacations and Christmas shopping sometimes end up costing a lot more than you may have expected. If, like the majority of us, this has happened to you more than once, you could greatly benefit from a fast payday loan. If you find the idea of borrowing repeatedly from friends and family a tad embarrassing, you could opt for a discreet payday loan. 