Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Payday loan shops are making it big

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August 05, 2005

Payday loan shops are making it big

Payday loans are quite easy to get these days and quite costly. As Bloomberg reports in the story on Wells Fargo, people pay to payday loan outfits up to 390% a year in interest. That makes it 32.5% monthly. Not bad even considering the fact that amounts of cash are relatively small, from $100 to $500 in most cases. Payday loans with no credit check and no checking account are the most expensive. An interesting side bar of this article is the relationship Wells Fargo has built with payday loan business.

Posted in Payday Loans at August 5, 2005 12:00 PM

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