Let’s look at a common situation that 40 per cent of US adults experience… You’re low on funds yet still have few month-to-month costs to cover: your vehicle re re payment, the electric bill, and a week’s worth of groceries for your family members. You’ll need about $500 to manage the bare basics and make do until your following paycheck.
In these all too common circumstances, you may move to payday loans—a short-term, high-interest, small-dollar loan marketed as crisis money to tide them over until their next paycheck once they will pay it well. You go up to your nearest payday lender—the companies that promise “FAST CASH NOW”—and write them a search for $500, the key, plus interest and costs. You postdate the search for your next payday (usually within fourteen days), and go out with $500. (more…)