1 / 6

Payday loans

How costs can go mad with a payday loan Borrowing money is easy. Paying it back it a little more difficult. Lets look at how the cost of a payday loan can get out of control.

shovonpk24
Télécharger la présentation

Payday loans

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. True Blue Loans The cost of a Payday Loan

  2. Payday Loans How costs can go mad with a payday loan Borrowing money is easy. Paying it back it a little more difficult. Lets look at how the cost of a payday loan can get out of control.

  3. Payday Loans Lets say you borrow £500 as a payday loan. You are paying the legal maximum of 0.8% per day interest. You plan to have the loan for 30 days. You expect to have to pay back, in a single installment, the loan of £500 and £120 interest.

  4. Payday Loans But at the end of the month you can’t afford to pay £620. So you roll the loan over and pay just the interest of £120. You still owe the initial capital of £500. A the end of month 2 you do the same again and pay just the interest of £120. They are not allowed to roll you over more twice, so they put you on a repayment plan. Even if they freeze interest you still will have paid back £500, plus £120. plus £120 = £740.

  5. Wealth Warning

  6. True Blue Loans • This information is brought to you by True Blue Loans • www.trueblueloans.co.uk • For more detailed information on Payday Loans follow this link.

More Related