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Let Your
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LOANS:
Next Day Loans: Need Ca$h Fa$t?
Share: Have enough money in your account, but, you
don't want to spend it?
Looking for a cash advance on your paycheck? Payday lenders have become an easy and instant solution to financial crisis, but, WATCH OUT! Payday loans are designed to create a debt trap. Typically a borrower writes a personal check for $100-$300, plus a fee, payable to the lender. The lender agrees to hold onto the check until the borrower's next payday, usually one week to one month later; only then will the check be deposited. In return, the borrower gets cash immediately. The fees for payday loans are extremely high: up to $17.50 for every $100 borrowed, up to a maximum of $300. The interest rates for such transactions are staggering: 911% for a one-week loan; 456% for a two-week loan, 212% for a one-month loan. (Consumers Union, Non-Profit publisher of Consumer Reports; www.consumersunion.org) This short repayment term makes it nearly impossible for cash-strapped borrowers to both repay their loan and meet basic needs. Because of this, many payday loans go to repeat borrowers who are unable to meet the impossible terms. Payday borrowers are forced to pay the interest weekly, or monthly, and then start again to avoid default, getting trapped in this cycle of debt, often for months or years. Be an informed borrower! Don’t let the payday loan trap you! Come to EMHC Employees’ CU for a smart solution to Payday loans!
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