Understanding Payday Loans
Everywhere you look you see ads for Payday and Loan companies offering you a loan no matter what your credit is like. I just want to make sure that you understand what all this entails.
The company is making you a loan only until you get your next paycheck. You must have a checking account and write them a post dated check. Once the date comes around, this check will be taken out of your checking account. There is interest involved, that’s how the company makes their money.
Nothing wrong with this system, no different than getting a loan at a finance company except you don’t have to go through the process of filling out an application to have your credit checked and worrying about whether or not you will be approved.
Just remember, nothing is free and you WILL pay interest on the payday loan.
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