Are Payday Loans Really The Bad Deal The Federal Government Says They Are?
Have you heard the Federal Trade Commission has issued a “Consumer Alert” with a big headline that says, Payday Loans = Costly Cash. Just as there are many ways to look at the situation, the same is true with payday or cash advance loans.
In simple terms, a payday loan is advance on your next paycheck. There are many companies throughout the country that offer these very short-term small loans. The term, or length of time you have to pay back the money typically runs from 2 to 4 weeks. The fees or costs of this short-term loan can be anywhere from 25 to 50%. And this is where the FTC comes in with their complaint.
The government agency spends a lot of time acting like they help consumers. The government has the authority to make changes in how these loans are offered if they were really interested in helping or protecting consumers. Instead however, they state that the APR or annual percentage rate of the small loans is in the hundreds of percent in the are right, but that’s not the whole story.
Everyone knows that when you buy a product in a small package it...
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