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Sunday, September 17, 2006

Why We must be carefull on Payday Loan???

Recently a lot of people take payday loan to cover their expenses but they don't know the risk of payday loan. They don't know how scary is the interst rate of payday loan.

There are a lot of cases happen because they don't calculate the interest. for example some cases happen :
some one, who had couple loans from some payday loan store totaling $800. When he missed a couple of payments, these unscrupulous bill collectors sued him for the loan, including costs. Even though he has paid more than $3,000 in interest on his original loans, he is still being abused by these bloodsuckers.

another person who took out couple loans totaling $600 from payday loan stores to help pay educations fee. She would pay $120 twice a month. Once when she went to make a payment, she was late just for a couple of minutes and the bill collectors wouldn't open the door to allow her to make the payment. And finally she was forced to pay more than $3,000 in interest on a loan of $600.

Those it's better if payday loans and interest rates should be limited to a fair amount above the prime rate, lenders should be required to notify borrowers of debt-management services, and terms of the loan should be fully disclosed.


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