Paul Belanger
“The bottom line is that if its says ‘no credit check’, if it says its ‘easy’, you want to be a little careful–it’s gonna cost you. If you want to pay that price, then I can’t tell you not to, but you need to be aware, you need to be educated about what this money is costing you.”
Navy-Marine Core Relief Society director Paul Belanger warns borrowers about the high cost of payday loans…
Belanger says that the expensive fees from payday loans will use up money earmarked for regular expenses:
“You are going to use your rent money, your car payment money, you are going to use monies you would have used for regular expenses to pay off the loan. And then because you can’t make your car payment, you are going to turn around and you’re going to re-borrow that money on the same day…”
Paul Belanger is director of the Navy-Marine Core Relief Society (NMCRS) Pearl Harbor.
Source: High Price For Pay Day Loans by Sabrina Hall (KGMB9)
To find about more about the Navy-Marine Corps Relief Society and other organizations that offer emergency financial assistance to men and women in uniform, please visit Financial Resources for Military Personnel in our Links category.
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