Payday Loan Payback Time
These days, payday loans are still a very popular way for people to get quick cash with no background check. However, not enough people know the whole process of how paying it back works. Many of these loans will get renewed after not being repaid within the first two weeks, and can lead to a dangerous trap. That is when the high interest rates can really hurt if they are not prepared. Many will find themselves getting in too deep and hurting themselves even more financially.
This infographic shows how a person can easily fall into a big financial mess if they are not able or choose not to repay the original loan. They will usually have two options, either get a new loan to pay for the old one and fees or roll it over. It shows just how much the true cost of a payday loan is and can easily spiral out of control.


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