The Payday Loan Company Said “Come On Down”…..
July 11, 2008 · Emergency Loan Payday, payday loan · 7 views ·
It is not unreasonable to think that if you get a payday loan you will be able to fix all your financial problems in for now. After all the commercials on TV can make it look pretty simple.
I for one have used them but I am also aware that there are many disadvantages when it comes to using them.
One of the biggest disadvantages of getting a payday loan is the high interest that the payday loan companies charge you. For example, in my own experience if we left a personal check for 300 dollars, the loan was only for 240 dollars. The company made 60 dollars off of our loan or had an interest rate equaling 20 % of the amount the check was for. Imagine that for every client, if they made at least 20% off of the loan, how much money the company makes. In fact, some states have even prohibited payday loan companies because of their murderous interest rates. It