Mots-Clés ‘’

Dimanche 26 août 2012

Four out of people who were surveyed admitted to knowing how much a payday loan will cost. Three quarters of the people were aware of the interest rates associated with the loan. This leaves one in five users taking out a payday loan without any idea of how much the loan would cost. Twenty-five percent had no knowledge of the interest rate which would be applied to their loan. These last two findings are overwhelmingly disturbing to think that individuals are making money transactions without knowing the costs involved. It is nice to see that the majority of people are informed about these short-term loans.

Forty-eight percent of the consumers who took out the payday loans and repaid the loans back felt good about their experience with the short-term loans. When used according to the time payoff time frame, these loans can be quite cost effective. The initial cost of the loan, which is added to the payoff balance, is most often a more effective way of keeping credit card and bank fees away. People who take them out and pay them back with their next paycheck are more likely to have had a pleasant experience; couple that with an outstanding customer service team and the experience will keep customers returning for future loans when finances become too overwhelming.