To any person with a credit score of 700 or above, pay day loans may seem like little more than highway robbery. And, when all things are considered, online pay day loan companies do charge hefty fees for the services they provide. But the question that begs to be answered is this: Do pay day loan companies offer a legitimate service that people actually need or are they merely preying upon people with nowhere left to turn for credit options?
Generally speaking, a pay day loan place charges roughly $15-20 on every $100 you borrow and asks that the money be repaid in two weeks or less. If you converted that into an APR, it would probably exceed 200% at most of these pay day loan companies. Without a doubt, this does make any credit card look like a great option in comparison. But stillis this a viable service?
In fact, online pay day loan companies are providing a much needed service for a segment of the population that has limited options due to poor or non-existent credit. So for people who have had an unexpected auto repair, such pay day loan companies do not charge unreasonable fees when you take a minute to look at the alternatives.
For a person...
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