You have probably seen those storefronts who promise “quick money” or “instant loan approval. ”
In fact – most of these “payday loans” end in long term debt – not quick economic fixes. On average, Kentucky payday loan providers keep borrowers indebted for 137 times a 12 months – much longer than the advertised 2-week loan. Kentucky payday loan providers charge on average $15.00 per $100 lent, plus fees that are additional fourteen days. What this means is loans that are payday at minimum a 391% APR. Congress developed the APR, or apr of great interest, as a measure that is standard determines the yearly rate of interest on loans (including many charges). To learn more – begin to see the Center for Responsible Lending.
Two recently released reports offer more proof that pay day loans are not advantageous to Kentucky families – and for the Kentucky economy. Continue reading “Payday Loans are “No Hassle” before you attempt to Spend Them Back”