The pay day loan treadmill, easy to get on, but you may never get off.
Here’s why:
You borrow $500. To qualify for the loan you provide the lender with your checking account information. At the end of 2 weeks, the lender goes into your account for $500 plus a hefty fee or (more likely) you can’t afford to pay off the loan and your account is hit for “just” a renewal fee. The renewal fee can amount to as much as $15 per hundred dollars borrowed. In our example, the renewal fee is $75! Over the course of the year the interest rate you’re paying is over 350% ! At the end of the year you owe $2,300 and are on the Payday Loan treadmill – you will never get off!
Consumer Debt Counselors can help. We are an approved credit counseling agency under the Florida Payday Advance Law.
Get off the treadmill! Call Today! Call 1-800-820-9232 – our counselors are standing by ready to help! Or click here to get started.
Stop being a victim and start taking charge!
CDC is an approved credit counseling agency under theFlorida Payday Advance Law. Click the link to view the newest legislation approved by Congress and made into law.
