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Payday Loans Informative Speech

637 Words3 Pages

Many people, at some time or another, will run into an emergency where cash is needed fast. This is especially true when the economy is bleak. A payday loan is one way to get quick cash and it is attractive for the person who no longer has a credit card to fall back on due to its balance being over limit or the account closed. A payday loan is one where you borrow money and pay it back at your next payday which is typically in a span of two weeks. Payday loan companies oftentimes advertise that they are here to help but do they really provide true help? Are they are wise choice? Let's look at the facts about payday loans to see.

The cost of the loan will be very expensive. Annual percentage rates on this type of loan vary but will typically …show more content…

You might see some who offer payday loans to the unemployed but these advertisements are mostly found in the United Kingdom. In the United States, it is highly unlikely that you will be able to get such a loan without a job. A lender would consider the unemployed person's situation too risky. Also, the U.S. Treasury Department does examinations on the books of lenders and with all the recent economic troubles caused by bad loans it is possible for the lender to get into serious trouble for taking on borrowers who are high-risk. Check the lender's service agreement to see if they offer unemployed paydays loans if this is really what you want to …show more content…

Since they are so easy to get if you have a job, a person can quickly learn to rely on them as a quick fix to financial trouble. What typically happens is the fan of this type of loan gets quick money and then when the due date for repayment arrives he doesn't have the money. In this case, the lender lets you roll it into another loan for a two-week period (unpaid interest included). For the borrower, finance charges will rapidly accrue. Lenders don't allow unlimited rollovers and eventually the principal along with all accumulated finance charges will be due. This is the point where the borrower realizes he was addicted to easy

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