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Payday Loans Can Get You By
Posted by GuestPoster in Personal Finances
Many people turn to payday loans to get the short-term cash they need. Most of these people do not have the friends and family members to borrow from. The problem with these payday loans is that they can carry a very high interest rate that makes payback difficult for many.
With recent rumbling from legislatures, low cost payday loans may be right around the corner. Many states are considering limiting the interest rates that payday lenders and cash advance companies can charge borrowers. There is talk of putting a cap as low as 25%. This may still sound high; however, when adjusted as annual rates these loans can be several hundred percent. It will be interesting to see if payday loan companies can still make a profit at these rates.
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