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Payday Loans

Unsecured Personal Loans, Bad Credit No Problem
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By Patsy Rose

You have seen the ads:
Get unsecured personal loans, bad credit not a problem!
Have bad credit? Cash Advance Available!

There are certain lenders which target people with bad credit. Cash advance or payday advance companies do a lot of advertising. They can afford it. A typical bad credit cash advance or payday loan costs the borrower $10 per $100 borrowed. Since the loan term is two weeks, this fee is equivalent to an annual percentage rate or APR of 261%. Just for comparison the average APR charged by credit card companies is around 13%.

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PAYDAY LOANS ADVERTISEMENT

The Federal Trade Commission (FTC) and other government agencies have tried to shut down some of these companies which offer unsecured personal loans. Bad credit is hard enough to deal with; consumers do not need to become stuck in what some have referred to as a

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This entry was posted on Sunday, June 18th, 2006 at 4:48 am and is filed under Payday Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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