‘Money: It’s Personal’: Payday loans


well if you need a bit more cash to last you until your next paycheck comes in you might be considering a payday loan they’re quick short term they’re available at a lot of brick-and-mortar locations but they may come with a very high price web producer Ivan Herrera explains how payday loans work and their alternatives and our consumer Series money it’s personal you hear them in advertisements get your money fast then with minimal effort by using a payday loan but how exactly do these types of loans work the short term high interest rate loans are convenient for those with limited time and low funds borrower writes a personal check to the lender for the amount they want to borrow plus a fee for the money they’re borrowing a lender gives the customer their money – the feet and agrees to hold the check until the low payment is – which is usually on the borrower’s next payday those unable to pay the full amount on their payday are sometimes able to roll over their loan that means the customer would pay a renewal fee and still o the amount they borrowed plus the original piece and the fees to borrow the money do not include late fees the fees for borrowing could be quite steep the consumer finance Protection Bureau says they can range from ten to thirty dollars for every hundred dollars you borrow if you’re not looking to pay higher fees to borrow before your next paycheck arrives the Federal Trade Commission says to consider the following consider a small loan from your credit union or bank to pay off any larger expenses you may have shop around to find the best interest rate to fit your needs contact your creditors to see if you can work out a debt repayment plan that works with your budget and also make sure you’re making a realistic budget for yourself and avoid any unnecessary purchases they can add up throughout the month and cost you hundreds before you know it for the nine Ivan Herrera

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