Thursday, 23 February 2012

Payday Loans


I did a really astonishing interview the other day with one of my favourite financial experts, who warned about the hidden hazards of taking out one of those short-term, high interest loans called "payday loans".

He gave the amazing example that, if you took out a payday loan for £100, you'd owe approx £340 by the end of the month, since most of them attract an interest rate of about 4000 per cent APR. After a year, you'd owe over four thousand pounds. After five years, and after accumulating interest upon interest upon interest, you'd actually owe a debt of £11,585,620,000. That's over 11 billion pounds. 

I know those sorts of loan are not meant for the long term, but I can just imagine some people finding them almost impossible to pay back after just one month, and so letting it roll over into another. Beware, is all I can say, lest you end up owing enough to bail out a Eurozone country out of debt!

It's worth remembering, if you are hard up, particularly as you face the New Year, that you may have hidden money in your jewellery drawer. Have you considered the financial benefits gained when you sell gold?

Unwanted, old, broken or just tired bits of gold could fetch you a tidy little sum if you pop it into a Postgoldforcash.com envelope and send it off for a quote.

It's as easy as that. Within a day or so, you'll have a PGFC expert on the line making you an offer. You don't have to accept it, but you'll undoubtedly find it's the best price. Within hours, you could have cash in hand.

Far better than a loan of any sort!

9 comments:

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