factsnothype | Indy Week

Member since Nov 4, 2008




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Re: “Rip-off America

Consider this, you need $100 cash and your choices are: bounce a check, overdraft your account, pay a late fee on a credit card, or get a payday loan. The fee for choice one can be as high as $55. Choice two will cost you as much as $35 for the initial overdraft fee and in some cases you will be charged for every day that your account is overdrawn. Choice three will cost you as much as $35 plus additional finance charges. The fee for a payday loan will cost around $15 and does not carry additional fees of any kind. A payday loan fee is just that, a fee. Payday loan fees are posted in poster format and the terms are clearly understood by our customers. We are required by law to disclose the fee as an APR. Customers are only able to get one payday loan at a time from a company. If banks and credit unions were required to do the same for their fees, the APR would be much higher than a payday loan, in most cases triple. Banks and credit unions also do not disclose their fees in poster format but in small print on the back of their statements. Banks and credit unions charge unlimited bounced check charges and overdraft fees. These are the facts and not hype. Customers that take out payday loans clearly understand the fees and are making a choice. Customers don't want hidden fees or long term debt. They have a need for short term cash and make the choice of a payday loan.

Posted by factsnothype on 11/04/2008 at 11:54 AM

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