Payday Advance Stumbles for July 27, 2008
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This sounds like another good alternative to traditional credit lending. This is for micro businesses but you can get help from Personal Money Store if you are an individual who needs money but does not want to have your credit checked or hassle with faxing.
It is easy to get money online. You can get cash direct deposited usually within just a few hours. No Fax Payday Loans are a great alternative to traditional lending.
Visit our site: personalmoneystore.com
http://www.banklawyersblog.com/3_bank_lawyers/2007/05/the_current_cra.html
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Predatory lending is a myth in most cases. Many people need money and their jobs do not pay them enough. Companies who lend money to high risk individuals are not to blame. The unfair distribution of wealth is the real predator.
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There are a lot of negative feelings about payday loans because people say that the APR is so extreme. But if you compare the APR of taking out a payday loan with the APR of say a bounced check, credit card fees or a utility bill it doesn’t look so bad. For instance, if you take out a $100 payday advance there is a $15 fee which is equal to 391% APR. If you bounce a $100 check though with a $48 NSF and merchant fees the APR is 1,251%! Say you’re late on your credit card payment, if you have a $100 balance with the $26 late fee the APR is 678%. And if you are late on your $100 utility bill and there is a $50 late fee and reconnection fee the APR comes to 1,304%. Crazy! So what do you think would be the better option? Late on your bills or taking out a payday loan to cover it?
If you believe that the payday loan industry’s APR is ridiculous, think again. Compared to the APR of a bounced check, credit card fees, and even a utility bill, the payday loan industry is a dream come true. The stats don’t lie, take a look:
· $100 payday advance with $15 fee = 391% APR;
· $100 bounced check with $48 NSF/merchant fees = 1,251% APR;
· $100 credit card balance with $26 late fee = 678% APR;
· $100 utility bill with $50 late/reconnect fees = 1,304% APR
You be the judge.