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The Costs of a Payday Loan
By James Hammond
Different payday loan companies charge different amounts depending on if they are offering an incentive to borrow for the first time, or they are offering a discount for returning loans. However, for the typical two week payday advance, a borrower will pay at least $15.00 per $100 that they borrow, but it can be as high as $40.00 per $100 borrowed. This means that with the short duration of the loan, these loans can be as high as 400% to 500% annually. That is only for one loan, if a consumer has many loans it can be considerably higher.
Payday loans have been said to be costing consumers an average of $3.4 billion annually because not only do you have the first time payday loan customers, you often have borrowers who have numerous payday loans from various companies. This is becoming a chronic debt for them, with them often having to borrow more to pay other loans that they have taken out. Since the borrowers pay additional loan fees every time the loan is renewed, they can pay two to as many as five times the amount of the loan before it eventually gets paid off.
The costs involved in a payday loan often stem to just more than what they borrowed. As the finance fees get larger and larger, consumers are often forced to pay their payday loans as opposed to their other everyday bills just so they can keep getting more money. That means that they are falling behind on their mortgage, car payments, and even necessities such as groceries. Before you think about just the basic costs of a no credit check payday loan, you should consider what you will do if you can’t afford to pay the loan in full within the first pay period before you take out a no fax payday loan.
James Hammond has a PHD in electrical engineering from UCLA. He is a financial advisor and give advice on subjects such as
payday loans.
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