Warning! Please Read Before Proceeding Payday Loans
August 12, 2008 · payday loan · 17 views ·
As you drive down the road, watch television, or go online you see warning signs everywhere, but the one warning sign that should be in place is on payday loan sites. There are warning signs right outside drinking establishments with the rules posted before you even enter, the same should hold true before entering the websites for obtaining an instant approval payday loans.
The sign should say:
WARNING!!!!
All those who have intentions of obtaining an instant approval payday loans please read the following rules and obligations before continuing.
- If you have only been employed less than three months
- If you do not have a checking account
- If you are younger than 18
- And if you are not a US citizen
THEN PLEASE DO NOT PROCEDE ANY FURTHER
HIT YOUR BACK BUTTON ON THE UPPER LEFT HAND CORNER AND COME BACK WHEN YOU MEET ALL REQUIREMENTS.
Even if you do meet these requirements and you decide to proceed further there should be one more sign following the warning sign and that is the explanation of the fees and financial terms.
To put it very clearly on an average:
Every $100 lent out, you pay an extra $15 a week. That is a 390% (APR) over the year.
Those of us who live pay check to pay check this seems like a really good choice, and it seems very tempting at times; especially when we have lots of bills to pay and something unexpected came up and you have to wait another week or two before your paycheck comes through the risk is very tempting. It is very risky because if you are unable to pay the loan back you are left with an endless cycle of debt.