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What Are PayDay Loans

PayDay Loans are small companies that are geared to providing small loans to individuals They have become one of the most popular alternatives for getting loans I mean yes its still a loan but its a lot easier to obtain than getting a loan from a financial institution Especially for those that have poor and or bad credit These companies PayDay loan companies generally have a max limit of $500 dollars and they secure this loan against the borrowers paycheck

Paying back your loan

Unlike most lines of credit or loans that allow you 28-30 days or sometimes even 6-months to a year depending on the financial special running to pay them back PDL only gives you 2 weeks 2 WEEKS Now to some thats perfect and the time frame is reasonable because some people take out these small loans for emergencies They need money right now and cant wait a couple days for their paycheck and thats fine Seems like a great idea real nice service right

Interest Rates

The downside of PDLs is they have a huge interest rate 318 apr sometimes up to 512 that insane This actually keeps the borrower indebt if you ask me because now they are trapped Whats to be paid back in 2 weeks may now take a month or 2 just to cover the interest Lets plug in some numbers here so you can get a visual of how much gauging is going on 212 of 500 is roughly 105 dollars Does anyone see the problem here

Solution

Right now democrats are actually trying to limit the interest rate of these companies to 36 which is fair but some argue that it will kill a lot of PDLs business and its true to an extent A lot of these companies have other streams of income besides gauging the borrowers They cash checks produce money orders and they do money transfers What will end up happening if this bill passes Pawnshops will see an increase in business because people will then go to them from small loans In fact pawnshops could sore from this little economic change

Alternatives to obtain loans

You could always seek out credit unions as they are willing to work with individuals a little more than bigger financial institutions and the interest rates are pretty reasonable Small installment loans is another option you may want to take a look at again interest rates are reasonable