Payday Loan

The dangers of a payday loan can be seen in the numbers, and some payday loan are sure to astound you.



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Payday Loan Numbers

Getting a cash advance payday loan may not be as attractive as you might think - and attraction is a major part of successful livin out here on the open road. Forty percent of all payday loan users believe their advanced rates are lower than 30% APR. That might be the case if a year were two weeks long, or if you were allowed to hold off on repaying your payday loan for a whole 12 months - but in reality the APR for a payday loan is about 500%. There are a lot people who don't know about payday advances, and we're here to tell you just the loan facts.

The facts surrounding your payday loan

Less than 1% of all payday loans go to one-time emergency borrowers who repay their loan in two weeks and do not borrow again within a year. That means less than 1% of people are using their payday loan correctly. Fo the rest of us, we take out on average 11 advances on our payday every year, and 90% of these go into some form of delayed repayment, effectively rising the cost of each and every payday loan. And whose to blame, the millions of people taking out payday advances, or the more than 15,000 lenders offering an expensive payday advance.

But enough on who is taking them out and how many people are abusing the payday loan. Even a single person taking out one payday advance should be enough to turn the heads of everyone because the rates and costs of these loans are so far beyond legal limits its almost absurd:

Its clear to see the danger of a payday cash loan for lenders is minimally greater than credit card debt, yet the differences in price is incomparable. If you knew this you'd be going payday or bust as well, but you probably don't know as much as you think - not when 96% of all quick payday loan users claim to know the financial charges and practices of their lender.

Don't get sucked in

Now you can see how the lenders make their big bucks off of cash advances. It's so clear and straight forward! How much more candid can we be about the cash advance? I mean, come on, you're no dummy- think man, think!

Thinking is the most important thing you can do while applying for that online payday loan. Thank about things, abut your financial future, and about what exactly you'll need to do in order to succeed with these cash advances.


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