Why Payday Loans Are Dangerous Gobankingrates

by Admin


Posted on September 04, 2018 at 09:07 AM



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How Payday Loans Work - Money Crashers
Dangers of Payday Loans. The most obvious problem with payday loans is their extremely high interest rates. The fee for a payday loan can be anywhere from $10 to $30 per $100 borrowed, which works out to an annual interest rate of 261% to 782%.
Payday Loan Dangers | Corning Credit Union
Payday loans are also known as cash advance loans, check advance loans, post-dated check loans, deferred deposit loans, and most commonly, payday loans. Avoid them! They are all short-term loans that can cause long-term financial issues.
The danger of payday loans in South Africa » Debt Rescue
Why are payday loans dangerous? It’s quite easy for a lot of people to qualify for a payday loan, even those who don’t have very good credit histories. Once someone is granted a payday loan, they are charged very high-interest rates. Plus, they are charged an initiation fee and a service fee.

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