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Payday loans

How costs can go mad with a payday loan Borrowing money is easy. Paying it back it a little more difficult. Lets look at how the cost of a payday loan can get out of control.

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Payday loans

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  1. True Blue Loans The cost of a Payday Loan

  2. Payday Loans How costs can go mad with a payday loan Borrowing money is easy. Paying it back it a little more difficult. Lets look at how the cost of a payday loan can get out of control.

  3. Payday Loans Lets say you borrow £500 as a payday loan. You are paying the legal maximum of 0.8% per day interest. You plan to have the loan for 30 days. You expect to have to pay back, in a single installment, the loan of £500 and £120 interest.

  4. Payday Loans But at the end of the month you can’t afford to pay £620. So you roll the loan over and pay just the interest of £120. You still owe the initial capital of £500. A the end of month 2 you do the same again and pay just the interest of £120. They are not allowed to roll you over more twice, so they put you on a repayment plan. Even if they freeze interest you still will have paid back £500, plus £120. plus £120 = £740.

  5. Wealth Warning

  6. True Blue Loans • This information is brought to you by True Blue Loans • www.trueblueloans.co.uk • For more detailed information on Payday Loans follow this link.

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