What every borrower should know

Quick money that cost

Payday loans provide rather quick and simple way to get cash. On the other hand every borrower should realize he's going to pay too much for promptness and convenience of these loans. For instance, you could let the lender take $300 from your account in the payment day if you need to put $255 into account that day. The lender will charge the difference as an interest payment. In case you repay the loan in its maturity date, the amount of its annual percentage rate will be nearly 450%, if you repay it later, you could overpay 600%-700% as APR.

Unreasonable interest fees are not a serious obstacle for their increasing popularity. Some interesting facts about this sphere are the following.

In the beginning of the 90's there were nearly 300 outlets providing cash loans in the United States. Nowadays they account about 22,000 outlets (statistics of the Community Financial Services Association of America).

As a comparison, the number of Burger Kings is nearly 7,300 and McDonald's is over 13,700 in United States. So, the number of organizations providing cash loans is bigger than all Burger Kings and McDonald's hash houses in the country.
The source of 90% of cash lenders' income are consumers who roll their payday loan over at least once. In accordance with the Center for Responsible Lending the consumer of cash loan repays in general $793 for a cash loan of $325.

The main thing you have to avoid while taking a payday loan is rolling it over. This point brings lenders their major profit and borrowers - their main lending problems. In fact, most part of consumers roll their cash loans over at least one time, the majority of them used to roll their loans over many times. Sometimes customers finally owe several lenders as they borrow from one lender to repay the other one. The main conclusion is connected with the danger of increasing the sum of cash loan that could cause great problems to the borrowers, so every borrower has to be sure he will be able to repay the loan on its due date and avoid multiple payments.

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