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How much interest is charged on Money Mart's Cash Til Payday loans? |
addendum to question: how easy are they to get? and any other information would be helpful. Money Mart has locations in 3 countries including many states in the US. The fees vary depending on where you apply. Payday loan fees are generally quoted as a $fee per $100 loaned. Typically, payday loan "brick-n-mortars" or stores charge $10 to $20 per hundred with annual percentage rates of 300% to as much as 1200%. The APR varies based on the number of days the payday loan is outstanding in conjunction with the fee per $100. Payday loan Internet fees typically average $25 to as much as $40 per $100 loaned! Internet derived payday loans are always much higher because they can get away with it. Consumers that apply for payday loans via the Internet usually do not have the option of walking into a payday loan store. Either payday loan rates in their state are too low to entice payday loan operators to open locations or they are outlawed; Georgia for example. Payday loans are VERY EASY to get; that is the problem. Proof of income and a bank account is about all that is required to qualify for a payday loan. I recommend you avoid getting a payday loan if at all possible. If you must, payback the payday loan as you promised! They do employ some very nasty tools to collect the funds from you...eventually. Source(s): http://www.paydayloanlegislation.com... http://www.checkdatasystems.com... http://www.payday-loan-industry.com... The APR on most of those payday loan ripoff operations is typically between 700% to 2,000%. You can thank the Republicans for that one! while interest is supposed to be regulated, these "loans fall under Pawn laes and are very high, usually between 19 and 26 % per month! ( not annualized) be very cautious! |
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