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Debt Help Choices You May Want to Avoid.
Cash Advance / Payday Loan Information.
The promise of fast, instant cash is the ultimate lure for the average cash strapped consumer. Television and radio ads make it all sound so easy, but the risks are big, too big to ignore. A payday loan is an advance on a borrowers next pay check. These loans are lower amounts, short-term with very high interest rates. They are extremely accessible and generally marketed toward lower income individuals. The borrower just writes a post dated check in the amount they wish to borrow, add in the lenders fee and walk out with cash in hand. The lender agrees not to cash the check until payday.
It all sounds simple and harmless enough, but the finance charges are where they get you. The annual interest rates for payday loans can be as high as 300 or 400%. And, if you extend, those amounts can double. People who utilize payday loans are often desperate for cash and often cannot afford to pay back the loan. In many cases people end up extending the loan through another pay period, which begins a dangerous cycle as that extension causes the interest to shoot up even higher.
‡ Please Note: Unsecured debt is any kind of bill that is not secured by your assets, such as personal loans, credit cards (not secured cards), and utility bill balances that are owed. Auto loans and mortgage financing are not unsecured as these types of loans use the house and automobile as collateral.
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