Shop Around
Payday loans are intended for emergencies.
Some predatory lenders take advantage of this by charging outrageous interest rates or including hidden fees. They know people suffering a time-sensitive financial crisis usually do not have time to shop around.
A small difference in fee, however, can mean a huge difference in total cost.
It pays to shop around…
If you borrow $500 for 14 days, a $5 difference in fee will cost you:
$5 difference x 5 (the number of $100 loans) = extra $25/14 days
If something goes wrong and you can’t pay the loan off on your next paycheck:
$25 difference/14 days = $50 difference/month = $600 difference/year
A $5 difference in fee could mean a several hundred dollar difference in the total cost of the loan.
Other reasons to shop around when looking for cash advance loans are:
- some lenders do not disclose necessary information (fees, APR, contact information, etc.)
- some are not actual lenders (publisher/affiliate middlemen or harvesters of e-mail addresses/personal information)
- some lenders offer perks (first loan free, same day service, toll free phone or faxless transactions)
Recent Posts:
- 07/12/2011: Expanded Contact Info Page
- 06/11/2011: Internet Crime Complaint Center (IC3)
- 05/18/2011: Added Full Contact Info Page
- 05/15/2011: Payday Loan Site Traffic Comparison Update – May 2011
- 05/10/2011: IP Ban for Ratings Abuse
Random Posts:
- 01/23/2007: Sheila C. Bair
- 08/07/2006: Pitfalls When You Stop Payment on a Payday Loan Check
- 07/13/2006: David Davis
- 09/21/2006: Warren Bolton
- 09/01/2006: Mark Patton
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