Tag: payday loan benefits

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,…

Credit cards or Payday loans?

Posted by admin – October 20, 2010


Too fast, too furious. That’s the lifestyle of today. Everything has to be fast or it is not liked. Instant food, instant message, instant love, instant everything. Incidentally, money tops the ‘instant chart’. Getting things done on time is not just a requirement but a demand. And nothing gets done without money which makes instant cash, a heavy demand.

Credit cards are the default ‘celebrities of instant cash’ and using credit cards have become so common these days and so is getting into debt. It is hard to resist credit cards especially because of the ‘not from my pocket’ feeling that you associate with them . But the fact is, every time we use credit cards, we are actually adding interest to the money we spend using the card and in turn making our creditors happy. Everyone…

Who Is More Transparent – The Bank Or The Payday Lender?

Posted by admin – August 11, 2009


Think ‘payday loans’, and as an uninformed consumer, it is natural that you would conjure up images of spiked interest rates, information misuse, and loan fraud. Those who parrot apprehensions 2 & 3 as a reason to stay away from payday loans often fail to realize that it is an issue of subjectivity. It always goes without saying that once you drop your guard or if you run out of luck, there is always a possibility of being conned or victimized. Although there are instances to justify this sense of insecurity, one must understand that isolated cases don’t make for credible yardsticks. As for apprehension 1, which perhaps is the most widely quoted, a closer inspection reveals how unfounded the allegations are.

Post to Twitter Post to Delicious Post to Delicious Post to Digg Digg This Post Post to Facebook Post to Facebook Send Gmail Send Gmail Post to Squidoo Post to Squidoo Post to StumbleUpon Stumble This Post

Bank Overdraft Fees And Credit Card Charges

Posted by admin – July 15, 2009


bank-overdraft-fees

Much has been said about the interest rates associated with payday loans, with some critics of the payday loan industry going to the extent of accusing payday lenders of usury. While it is true that payday lenders do charge a high rate of interest, they are vastly preferable to other sources of credit which can leave your finances in utter disarray.

Post to Twitter Post to Delicious Post to Delicious Post to Digg Digg This Post Post to Facebook Post to Facebook Send Gmail Send Gmail Post to Squidoo Post to Squidoo Post to StumbleUpon Stumble This Post