Why Are Fast Cash (Payday) Loans No Good?

Mar 4, 2018 | News

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Maybe you have heard about payday loans or fast loans.  You might think they are really good, because they are easy to get.  But MoneyMob want to tell you why fast loans are not a good idea.

  • The lender often will not check if you really have enough money to pay back the loan (affordability).  Especially if you get the loan online.

  • The lender will charge you a fee to open the loan

  • The lender will charge you extra money every month, when you pay back the loan – this is called interest

  • If you miss a payment, the lender will charge you another fee for missing that payment.  Some lenders charge $33 every time you miss a payment.

With all those extra fees and payments, you will pay back a lot more than what you borrowed with your fast cash loan.  An $800 fast cash loan might cost you $1340 to pay back.  If you miss payments, it will cost you even more.

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