The truth about payday loans
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The danger of a Payday Loan is that the loan agreement will expect you to repay the entire loan in a single payment on your next payday. Visit Us: http://www.trueblueloans.co.uk

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The Truth about Payday Loans

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The truth about payday loans

The Truth about Payday Loans

By Pacific-Odyssey.co.uk


Payday loans

Payday Loans

  • A payday loan is a loan that is designed to be paid back on your next payday.

  • Typically it is a small loan of up to £500, although some lenders will let you borrow up to £1,000


Payday loans1

Payday Loans

  • Most Payday Lenders are charging the maximum they are allowed being 0.8% per month.

  • If you borrowed £1,000 for 30 days at 0.8% interest per day you would pay £240 interest in 1 month!

  • In addition, you may have to pay other fees, although the total cost of the loan cannot be than the same as the amount borrowed.


Payday loans2

Payday Loans

  • The danger of a Payday Loan is that the loan agreement will expect you to repay the entire loan in a single payment on your next payday.

  • So that £1,000 loan is going to repaid in a single payment of £1,240!


Payday loans3

Payday Loans

  • So you can’t afford to repay £1,240?

  • You may be able to roll the loan over and only pay the interest due of £240. But you will be expected to pay £1,240 on your next pay date.

  • Even if you can afford it, you will have paid back £1,480 in just two months!


Payday loans4

Payday Loans

  • My Advice?

  • Take out a short term loan from a company such as Pacific Odyssey (www.pacific-odyssey.co.uk)


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