Wednesday, February 12, 2014
Could Other Lenders Beat Straight Straight Back Payday Lending?
A pay day loan works such as this. The debtor writes a check for, state, $200. The lender provides the debtor $170 in money, and guarantees not to ever deposit the look for, state, fourteen days. In place, the debtor will pay $30 to get that loan of $170, which appears like an extremely high price of “interest”–although it is theoretically a “fee”–for a loan that is two-week.
Often knee-jerk responses are proper, but economists at the least you will need to evaluate before lashing down.