Bad credit payday loans com easy approval
The industry of bad credit payday loans online has grown tremendously in recent years- read more… It is very likely that you have seen your ads on the radio, on TV or on the internet. The idea is that you take a short-term loan and pay it when you receive the regular payment at your job, but you can extend the loan for several weeks if you want. These are frightening loans with an interest in the heavens. There are people who end up borrowing from a payday loan company to be able to pay off the previous loan from another payday loan company.
To pay for these loans the person leaves a full check for the loan amount, plus the charges, with the date of two weeks in the future or authorizes that they take the payment directly from their bank account on the indicated date. All loan charges can be paid at one time or divided into several payments.
These companies do not use credit as a reference for the loan, but only verify that the person has a job, is receiving a constant check and has identification. Payday loans range from $ 100 to $ 1,000 depending on the maximums established in each state. They charge interest for the money they lend you, usually between 15 or 30 dollars for every 100. This is estimated at the annual percentage, 400% annual interest or more. If the loan is for less than 2 weeks, the annual interest rate is even higher.
The terms for these loans vary greatly from state to state and have been a huge problem for members of the armed forces. The problem has been so great that the government had to establish laws to protect the military and their families against these loans. It is also worth mentioning that these loans are illegal in several states including New York, Georgia, Arkansas, and New Jersey among others.
I have always believed in the importance of personal responsibility and this will not change, but I also understand that these loans have difficult terms to understand and are aggressively marketed in low-income communities. This is a big problem.
It is necessary to learn about these loans in order to help our friends and family not to fall victim to them.