PayDay Loans - Calculate the cost of payday loans. - Canada

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RE: Calculate the cost of payday loans.

Postby Lisabr5 » Wed Jan 30, 2013 06:53:58 AM

APR is a good high-level comparison, but for loans that are indeed short term it can be more useful to show other metrics.
If someone only need a loan for just a couple days and borrows $200 and agrees to pay back $210 this would yield an APR of 912.5%.
Hearing such a rate you would think that the lender is unscrupulous and is making a killing. The truth is they made ten bucks - not even enough to cover overhead and salary for the 30 minutes it took to process the loan/repayment.
Eberything you should know about Canada payday loans online bad credit on the North'n Loans website.
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RE: Calculate the cost of payday loans.

Postby Sabastian6 » Tue Aug 10, 2010 12:36:57 AM

Indeed plenty of payday lenders have sprouted out over the years not only to help people with good credit scores but with those with bad credit as well. A note for those who are looking for institutions of this kind would be to always keep an eye out. Doing a background research on the institutions of your choice before availing of their services can save you money, time and effort big time.
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RE: Calculate the cost of payday loans.

Postby denniss » Wed Jan 21, 2009 09:01:06 AM

Payday loans are convenient, so you pay for the convenience. It is the same like buying milk at a corner store or Costco.
Payday Loan is a cash advance until your payday.
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RE: Calculate the cost of payday loans.

Postby montyloree » Wed Jan 09, 2008 06:35:22 PM

lilies34,
Please don't spam the site with your links...
If you want to place a link on the site, ask nicely... we might even be able to exchange links..

as it is, I'm concerned about the nature of your site. It doesn't look very professional to me.!!
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RE: Calculate the cost of payday loans.

Postby lilies34 » Wed Jan 09, 2008 05:37:10 PM

it's true. taking out a payday loan or also known as a moneyloanscompany (scam site?) cash advance is convenient. when you need that emergency money, you can easily get one. like in fastfoods, you just line up and wait for your turn to be served!
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Calculate the cost of payday loans.

Postby montyloree » Fri Mar 17, 2006 12:00:00 AM

There's a time and a place for payday loans in this busy society. I compare payday loans to today's fast food. It's not good for you, but it's fast and convenient.

I've spoken to people who have good stable jobs who make a good living who have used pay day loan services because they're convenient. Plain and simple.

Where as people need to be more educated on the foods they eat, they also need to take some time to figure out the real costs of the convenience of payday loans and instant cheque cashing.

After decades of people eating crappy fast foods there are more and more documentaries and movies coming out, such as "Super Size Me which have scared people and have educated people on what the giant companies are feeding their customers.

I haven't yet found a documentary on payday loans and the costs of credit, but I will look into that in the following days.

I just caution people that yes, payday loans may have a small place in the world, and that if you're that busy that you you need that much convenience with your cash, you might just need to reprioritize a little.
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