BBB Watch: Be wary of payday loans
Distressed consumers, worried about paying bills or buying food for their families, are turning to payday loans for fast cash. While many borrowers believe they can pay off the loans quickly, the Better Business Bureau warns payday loans may have long-lasting and devastating effects.
Obtaining a payday loan can be very expensive. Driven by the need for quick cash the borrower will generally write a personal check for the amount they want to borrow plus a fee charged by the lender. The fee may vary, but as a rule of thumb it is a percentage of the face value of the amount borrowed.
Once the consumer makes out the post-dated check, the lender will provide the cash amount of the money borrowed and wait until the consumer's next payday to deposit the check. The problems begin when the consumer is unable to pay off the debt and must extend the loan. These roll-overs come with a very expensive fee for extending the debt often ending with the borrower paying interest rates as high as 400 percent.
"Consumers should be extremely cautious when considering loans either from an online business or a neighborhood loan office," said Steve J. Bernas of the Better Business Bureau. "Payday loans can trap borrowers in a revolving door of debt that can be difficult to escape. When borrowers discover their loan repayments leave them unable to meet their bills, they are forced to take out additional payday loans."
For more consumer tips, visit www.bbb.org .
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