Fast payday loans

2009-07-03T11:57:00.000-07:00

Payday Loans and Cash Advance Businesses - The Ultimate in Predatory Lending:

Advertisements for payday loans make them seem like a fast, easy, no-nonsense way to get money when you’re in a financial bind. They tell you getting $100 is as easy as showing a recent paystub, a copy of your driver’s license, and a blank check.

What Payday Loans Cost

2009-07-03T11:56:00.000-07:00

The Truth in Lending Act requires all lenders, including online payday loan lenders, to disclose the cost of the loan in writing before you sign any agreement to take the loan. They must give you this information in terms of the finance charge and APR (annual percentage rate). Even after reading this information, you might not understand just how expensive payday loans truly are.

How Payday Loans Work

2009-07-03T11:55:00.001-07:00

Let’s say you need to borrow $100 until your next payday. You write the lender a postdated check for the amount of the loan plus the fee. Lenders calculate payday loan fees in one of two ways: as a percentage of the amount you borrow, like 10%, or as a set amount per $1 borrowed, like $15 for every $100 borrowed.
After you write the check, the lender gives you the cash or automatically deposits the loan into your checking account. Then, on your payday, the lender cashes your check unless you extend the loan. Extend the loan, also known as “rolling over” the loan, costs another fee and allows you to keep the loan for another period. You're charged a fee each time you roll over the loan.

15 Alternatives to Payday Loans

2009-07-03T11:46:00.001-07:00

*Work some overtime
*Do a side job*Ask your employer for a payday advance
*Sell or pawn things you no longer need
*Adjust your tax withholding*Cut out some of your bills
*Look for local emergency hardship programs
*Borrow fromTake out a small loan from your bank or credit uniona friend or family member