Donna Cassun
“I think a lot of people have realized it is cheaper to get a loan from us than bounce a check, and a lot of people use us for emergency money.”
Donna Cassun of Advance Pay in Tooele, Utah, defends payday loans by claiming they are less expensive than bounced checks…
Cassun explains that a $200 loan for 14 days costs only $2 a day:
“We only deal in post-dated checks. For example, you come in and want $200 and you get paid in two weeks. We give you a check for $200, but you write a check for $228 and we deposit it two weeks later.”
Source: Local Pawnbrokers Thrive – Good Times or Bad by Mark Watson (Tooele Transcript-Bulletin)
Of course, that $2 a day loan works out to an annual percentage rate of 365% APR. Please consider cheaper payday loan alternatives whenever possible. To calculate the APR of short-term loans, please visit the Payday Loan Calculator (External Link). Calculating APR helps you compare various credit options in the marketplace.
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