What Are the Drawbacks for Getting Loans for People with Poor Credit?
As you might imagine, because the cash advance companies don’t check your credit rating they do charge very high interest rates. Most of the payday loan companies charge anywhere from 10% to 30% interest. So, if you borrow $1,000, depending on the company you borrow the money from, you will need to repay from $1,100 to $1,300. The timeframe for paying back the loan is usually between one and three weeks. If you find that it’s getting close to that time and that you can’t repay the whole amount make sure to contact them either online or on the phone. Most of the companies will then offer to extend your loan until your next payday. Keep in mind, though, that they will charge you additional interest. And it’s possible that they will add a fee on top of the interest. That’s why most people get a payday loan get only if there’s a real financial emergency. And even then they often compare the interest rates at a number of different companies in order to find the one with the lowest rates. It
