How To Pay Down Quid Loan Debt |
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You've seen the ads: "Get money Fast!" "Short On money? Get a Payday Loan!". These loan practices are horrific, and charge interest at rates that used to only be seen in bad mobster movies. Yet, for a digit of Americans with poor or bad credit, payday loan debt is a way of life, albeit one that will slowly destroy them. First, understand that a "six for seven" loan (borrow six dollars, pay seven in two weeks) is a horrendous interest rate, though it's a distinctive one for most payday loan rates. That works out to an annual interest rate of over 370%. This means that if you "rotate" a loan of $100 for an entire year, you'll end up paying $470 total. By contrast, even the most hard-cased credit cards are in the realm of 24-25% per year, a savings of $345. Nowadays, the truth of the issue is that a lot of consumers using payday loans don't have credit cards, or had very poor credit, or battered and misused their credit, and now they're in a pinch. Here are some sensible ways to pay off your payday loan debt. Read more about Quid Loan This article is written by Free Hit Counterz  |
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