PayDay Loans

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What interest rate will I have to pay on a payday loan?

PayDay Loans

For many people having trouble paying their bills, payday loan companies have made life a lot easier. By getting a payday loan before they get their paycheck at work, they can cover their bills with no problems.

What many people don't take into account is the high interest rate on payday loans. Being in a hurry to get this easy money, they don't bother to read the fine print. The payday loan business is so profitable that even the big banks are considering getting in.

Consumers should be particularly concerned with online payday loan sites that have sprung up in recent years. These Internet sites may demand as much as 50 percent interest, and will automatically deduct the amount owed from the consumer's bank account when due. If there is not enough money in the account, the borrower will be hit with additional charges.

   

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