Payday loans – Quick loans

Payday loans may seem like a godsend to many people. All you need for these types of loans is a job and usually a checking account. A payday loan works by simply walking into the store and presenting pay stubs that show how much you make. Then you sign for the loan and write a check for the loan amount plus fees. At the end of the loan term, the payday loan facility you are using cashes the check to pay for the loan. The problem with these loans is the interest rate can be high sometimes between 300 and 800 APR. Therefore, you could pay 300 to 800% on your loan just to take the money out.

There has been a significant amount of controversy because of this excessive charging of interest on these types of short usually two-week term loans. These loans are also said to be highly exploitive and should not be used except in cases of extreme emergency.

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