1992: Payday Loans vs. Credit Cards by J.Money of Budgets Are Sexy
Optimal Finance Daily - Financial Independence and Money Advice
00:00
Payday Loans - The Average Fee You'll Pay
A 300 dollar cash advance on the average credit card, repaid in one month would cost a 13 dollar 99 cents finance charge and an additional interest rate of almost 57 %. A payday loan costing 17 dollars and 50 cents per hundred dollars for the same hundred dollars, will cost a hundred and five dollars if renewed one time,. or 426% annual interest. According to the c f ae, consumers have an average of eight to 13 loans per year at a single lender.
Play episode from 02:16
Transcript
