Critics of the payday and title loan industries spend most of their time trying to convince you that payday loans' ultra high interest rates will inevitably ruin your life. They consistently leave out the fact that payday and title loans are short term...which if totally negates the high interest argument.
Typically, a short-term (2 weeks) loan costs $15-20. Credit card late fees can cost as much as $37. The last time I overdrew my account, I ended up paying $50 in miscellaneous fees.
On top of that garbage, you have to worry about your credit score. The other penalty in this equation is that every time you're late on a payment, your credit score goes down. Lower credit scores mean higher interest rates and less of a chance at obtaining bigger loans down the line...say for a new home, car or business.
Payday loan critics certainly don't mention any of that stuff...because if they did and people actually started figuring it out...they'd be making less of a profit on you!
The thing you must realize is that these critics have something at stake. Your money.
The more informed you are, the better choices you're making and the less money they get to steal from you.
Start a revolution and get educated!
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