We are all familiar with payday loans and the horror stories of their existence. These loans are essentially a government-backed private insurance system that has caused a great amount of havoc in the American economy and has left many people without any money for basic necessities.
Not to put too fine a point on it, but payday loans are the worst of both worlds. They can be extremely dangerous, especially if the lender has a history of shady behavior. Many borrowers have been charged with fraudulently obtaining loans, and one in five payday lenders will be found to be fraudulent when the investigation is over. The payday loans themselves are also risky.
The payday loan itself isn’t a bad idea, but there are some problems that come with it. Loans are generally approved within 24 to 48 hours (depending on the lender) and often carry hefty interest. The rates can get incredibly high, too, making it very difficult for people to pay back the loans that they have taken out.
And then there are the fees. Some payday lenders charge a fee of 2-3 percent, others as high as 5-10 percent. There are also many, many different fees, including cancellation fees and late fees. All of this can make it very difficult to decide which loans to take out and which ones to avoid. In fact, if you don’t have a bank account or enough credit score, you might not be eligible for many payday loans.
Some payday loans and payday loan companies are not only hard to get, they are also very hard to get a loan in. One reason is because there are numerous fees, like one-time registration fees and late fees. These fees can add up quickly, especially if you are a first time loan applicant. This doesn’t sound like a problem, but it is when it’s coupled with the fact that payday loans can come with fees that are as much as 10 percent or more.
The payday loan industry has grown rapidly over the last couple of years, as the industry is seeing a huge surge in demand for short term loans. However, with payday loan fees that are 10 percent or more, it is a lot harder to get these loans.
If you are using the payday loan to finance a holiday or other important event, you might find yourself with an unexpected bill that needs to be paid. It is common for payday lenders to charge a fee for the service. This fee is called the “fees and late fees.
Unfortunately, these fees are often not paid on time. In fact, it has been estimated that 70 percent of these fees are not paid on time. According to the FTC, in just the past twelve months, payday lenders were reported to have charged $14.7 billion in fees on a $1.8 billion dollar market.
To be sure, this number is not that surprising. When it comes to payday loans, we are generally looking at a payday loan of roughly 400 to 800 dollars, and the vast majority of these loans don’t pay out for more than one month.
The fact is that payday loan companies arent that different from other payday loan providers. You can see this by looking at their web pages. For example, a lot of payday loan companies have web pages that list all of their available loans, which is great. However, I would argue that these companies arent really lending. They are lending money to people instead of lending money to people.
