The process of payday loan

The reason is a loan payday because it is designed to be a short-term loan that must be repaid by your next payday . If you do not pay , you can return it in its entirety by the next payday , you have to pay interest on the loan , at least , so they are automatically taken into account by the bank .

This is where it gets tricky . Most people do not know how high it can be. An interest rate of 16 % This pays by check cashing places the average level of interest rates . For example , if you take out a money mutual for $ 300 and can not pay them back the full amount you have to pay . Interest of $ 50 every two weeks $ 100 per month is a great additional bill for some people to take .

This is why you should avoid short-term loans , if you do not know 100 % that you can pay in two weeks or less .

For more content, please visit Here are three advantages of payday loans.

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January 25th, 2014 | news

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