The Truth About Payday Loans in Sydney, NSW: What You Need to Know
Payday loans can seem like the perfect solution when you’re in a bind and need cash fast. However, payday loans come with many hidden fees and interest rates that can quickly spiral out of control. This blog post will discuss the truth about payday loans and what you need to know before you decide to take out one. We will also provide some tips on how to get out of payday loan debt if you already have one. Information can be found here.
Payday loans are short-term, unsecured loans that typically range from $100 to $2000. The loan is meant to be repaid on the borrower’s next payday, hence the name “payday loan.” Payday lenders typically charge a fee of around $15 for every $100 you borrow, which means that if you take out a payday loan for $500, you will end up paying back a total of $575. See here for information about Fast and Easy Payday Loans: How to Get the Money You Need in a Hurry.
Payday loans are also notorious for their high-interest rates. Payday lenders can charge interest rates as high as 400% APR. This means that if you borrow $500 from a payday lender, you will end up paying back a total of over $2000 in interest! So before you take out a payday loan, make sure you understand precisely how much it will cost you.