The Problem with Payday Loans
Chances are you either have used a payday lender or know someone who has. Payday lenders will tell you that the fees they charge for a two week loan can be less costly than the fees paid for late charges and/or overdraft fees. There may be some truth to this, but in many cases the consumer is unable to repay the loan in two weeks. When this happens, the fees from the payday loan begin to add up fast.