| KC Federal Reserve Asks Questions About Payday Lending |
The Federal Reserve Bank of Kansas City has begun to research the total rate of payday loans that end badly in order to offer additional insight for bills that are reviewed surrounding the payday loan industry.
While some lenders state that nearly 90% of loans are repaid when due with only a few remaining percentage points including loans that are never paid back, other research showed that nearly 40% of borrowers end up with a bad loan when post-dated checks bounced.
It is important to understand that when you take out a payday loan you are making a binding agreement to pay back that money with the associated fees for the loan, as well as any additional late charges for late or delayed payments, depending upon your agreement with the lender. The best solution to avoid fees and late charges is to plan to pay back your paycheck advance on your next paycheck, or as soon as possible, before the end of your loan term.
If you need a cash loan to help with an emergency situation, get started today with our online payday loan application! |