Overview
Another article about payday loans that attempts to explain what it is all about.
What is a payday loan?
Kinda like getting paid by payday loan provider before the actual income from your employer arrives. Sometimes, you need money desperately that you must find someone to borrow money, and promise to payback as soon as you get your paycheck.
It is not easy to get payday loan. You must be employed, be the responsibility taker, show proof that you are handling bills, have own bank accounts etc, then only you can get one.
The payday loan provider will keep a portion of money with them as a commission. For example if you are getting $1000, you would end up getting only $900.
Deimos’s Thoughts
Deimos hopes that he will never need to resort to payday loans.
Deimos Asks
Do you know what is a payday loan after reading this article?
8 Replies!
Do you have something to say? Say it out loud yo!
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10:21 pm
David Johnson
said the following:
10:23 pm
Nicole Price
said the following:
Yes, and what I commented yesterday still holds good for this post too.
8:19 am
Andrew. Virginia Lawyer.
said the following:
Nice summary of payday loans. Consumers have to be very careful when getting loans like this. I know that they can be helpful and even necessary for some people, but just be sure you know what you’re getting into.
11:35 am
Game Lighting
said the following:
I failed in Payday Loan
1:03 pm
JT
said the following:
We had a different version in the Navy. A payday loan was to be PAID BACK on pay day. At 100% interest. The loaner waits in line with the loanee and gets the cash the instant it hits the guys hand.
9:54 pm
zncustombuilding
said the following:
well i agree with Andew that we must know what we are doing because until e don’t have the knowledge we have the possibility to get into pitfalls……thx for the information…….
7:24 pm
luz
said the following:
Just like any other loan it takes away commission from your loanable amount but isnt the commission too high?
12:14 am
Hye Munar
said the following:
Too bad payday loan is only applicable to employees. If you are jobless, you can’t apply for this loan.
