http://www.paydayorbust.com/payday-loan.html The dangers of a payday loan can be seen in the numbers, and some payday loan are sure to astound you. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 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: most lenders will charge around $20 per $100 you take out an a payday advance loan, or 20% for two weeks. You miss repayment you pay another 20% for another two weeks, and when you add these up for an entire year you get 20% X 26 = 520%. So the APR for a payday loan is 520%. Credit cards, loans, and all other forms of financial assistance are limited to about 40% APR based of nationwide usury laws. Payday lenders get away with this because their loans aren't actually loans but services, and they claim they are justified because of the high risk they are assuming in your missed repayment, BUT... in Colorado, one of the only states to closely regulate their payday loan industry, payday lenders charge off 3% of their "loans" each year while charging on average 485.26%. In California, a state closely regulating its credit card usage, banks charge of 2.7% of credit card debt and charge an average APR between 15-22%. 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. Sat, 26 Jul 2008 15:00:00 EDT http://www.paydayorbust.com/payday-cash-loan.html The payday cash loan world is filled with lies and lying liars. Be careful with your payday cash loan and remember that your lender is there for profit alone. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 http://www.paydayorbust.com/payday-advance-loan.html There is a lot more to that payday advance loan than you might at first think, and unless you know exactly what is required of you your payday advance loan might be a disaster. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 http://www.paydayorbust.com/online-payday-loan.html An online payday loan might be a lark for some of you, and a thought out event for others. Just make sure you know the facts and all the figures surrounding your online payday loan. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 http://www.paydayorbust.com/quick-payday-loan.html A quick payday loan gets you out from under the overpass - for a while at least. But then its back to baked beans and tire fires - no quick payday loan can clear the smoke forever. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0