Click Here: PayDay Loan

A payday loan � that is, a cash advance secured by a personal check or paid by electronic transfer is very expensive credit. How expensive? Say you need to borrow 0 for two weeks. You write a personal check for 5, with the fee to borrow the money. The check casher or payday lender agrees to hold your check until your next payday. When that day comes around, either the lender deposits the check and you redeem it by paying the 5 in cash, or you roll-over the loan and are charged more to extend the financing for 14 more days. If you agree to electronic payments instead of a check, here�s what would happen on your next payday: the company would debit the full amount of the loan from your checking account electronically, or extend the loan for an additional . The cost of the initial 0 loan is a finance charge and an annual percentage rate of 391 percent. If you roll-over the loan three times, the finance charge would climb to to borrow the 0.