DARKER SIDE OF PAYDAY LOANS

The payday loans have many advantages like you can get the payday loans online. The payday loans online is the fastest service to get loan in this world but if you think that this is the better service for getting the loan then you are wrong. The payday loans have some features that makes it hard to accept as a positive aspect but if looks more an insect that is eating the community slowly. Here are some points that will show the pathetic side of payday loans.

The payday loans target the community that has low income so they will take the payday loans and they will stuck in it if they will not pay. The payday loans also have a bad image because of the companies that are giving the payday loan online and even offline.

The companies will target the students and find ways to integrate in the university facebook pages and the places where they can target the poor people even they will make offices in the areas where they think that people are of low class.

Payday loans have very high fees and it can reach up to 20 percent but to make it legal some companies will decrease the fees like in case of Virginia payday loans the fees is 15 percent.

The payday loans are given for 14 days and if the person does not return the loan then they will renew the fees and after the specific date the person will need to pay the double fees. If you take example of Virginia payday loans, the average percentage is 15 percent so if the person does not pay for one month he will have to pay 30 dollars extra and 100 dollars remains. If the person is do not pay the loan for one year then the loan will be 650 dollars and the 100 dollars are still there so total will be 750 dollars.