What are the disadvantages of a payday loan?

Answer Payday loans are a quick and easy way to obtain cash to cover any expense. Most payday loan companies will lend anywhere from $50 to $1500 with merely a signature and a post-dated check from the b... Read More »

Top Q&A For: What are the disadvantages of a payday loan

What can you do when you are unable to pay a payday loan?

On One Hand: Use Extended Payment Plan OptionIndividuals can use their option to revise their payday loan contract, so that they will have more time to pay back their loan. Payday advance companies... Read More »

What started the Proposition 200 Payday Loan Reform Act?

The act was designed to repeal the July 1, 2010, termination date that would have eliminated short-tern, "payday loans" in the state of Arizona. The proposed legislation was spurred by payday lende... Read More »

What is the average interest rate of a payday loan?

Payday loans have come under fire in recent years. The typical annual percentage rate (APR) on a two-week payday loan is 456 percent, or 911 percent for a one-week loan, according to the Consumers ... Read More »

What happens if you refuse to pay back a payday loan?

When you choose to borrow money from a payday lender, you make a promise that you are going to pay back the money you owe plus any applicable interest and fees.Debt Goes to CollectionsAfter the len... Read More »