Not a payday Loan


This is Not a Payday LoanWow. While watching TV the other night, I saw an ad for a lending service that promised to put $2500 in my checking account overnight. There’s no collateral required, and no fees for early payoff.

Sounds good. Where do I sign up? Hmmm. On second thought, maybe we should check out the terms first.

Upon arrival at their website, I saw the following:

Application time less than five minutes! Not a payday loan!

Oh good, it’s not a payday loan. I’ve heard that those have high rates, so it’s probably best to avoid them. This, on the other hand… Well…

The woman in the commercial admitted that “the money is expensive, ” but assured me that I can minimize my costs by paying it back as fast as possible. And besides, it’s not a payday loan, so it can’t be that bad. Can it?

Let’s take a look at the rates:

You can get a $2600 loan, which works out to $2525 after deducting the $75 “loan fee, ” in return for just 36 monthly low monthly payments of $298.94. For the math impaired, that $2525 loan will cost you a total of $10761.84 (plus the $75 fee). That works out to an APR of 139.34%.

If you don’t need quite as much money, you can get a $1500 loan, which works out to $1000 after deducting the $500 “loan fee, ” in return for just 24 low monthly payments of $166.95. In other words, that $1000 loan will cost you $4006.80 (plus the $500 fee). That works out to an APR of 194.70%.

But look on the bright side… At least it’s .

While I realize that there are extreme instances in which a short term, extremely high interest loan is preferable to the alternatives, it pains me to see these sorts of things being advertised on late night television knowing full well that their switchboards are lighting up. If they weren’t, they wouldn’t keep running the ads.

Interesting facts

  • Payday loans in the United Kingdom are a rapidly growing industry, with four times as many people using such loans in 2009 compared to 2006—in 2009 1.2 million people took out 4.1 million loans, with total lending amounting to £1.2 billion. The average loan size is around £300, and two-thirds of borrowers have annual incomes below £25,000...
  • A loan shark is a person or body that offers unsecured loans at illegally high interest rates to individuals, often enforcing repayment by blackmail or threats of violence.
    Throughout history, usury laws made loan sharks commonplace. Many moneylenders skirted between legal and extra-legal activity. In the recent western world, loan sharks have...

Additional information


Some Payday Loan Lenders Do Not Follow State Regulation
Some Payday Loan Lenders Do Not Follow State Regulation
A Payday Loan Will Not Require Co-Signers
A Payday Loan Will Not Require Co-Signers
Payday Loan Industry Not Involved With Current Lawsuits
Payday Loan Industry Not Involved With Current Lawsuits ...
Accent Printing & Signs Payday Loans Windless Swooper Feather Banner Flag Sign
Office Product (Accent Printing & Signs)
  • Flag dimensions are 2 6 wide and 11 6 tall
  • Made of durable super-knit polyester
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  • These flags are great for all types of weather
  • This listing is for flag only. Hardware is not included
Can You Go To Jail For Not Paying A Payday Loan
Can You Go To Jail For Not Paying A Payday Loan
Up to $1500-Not A Payday Loan
Up to $1500-Not A Payday Loan
Payday Loan Money May Not Be A Perfect Solution But It
Payday Loan Money May Not Be A Perfect Solution But It ...
Vista Flags PAYDAY LOANS (Red/White) Windless Feather Banner Flag Kit (Flag, Pole, & Ground Mt)
Lawn & Patio (Vista Flags)
  • Full-sleeve design keeps your message visible even when there is no wind
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ADV PRO ADV PRO i060-b Payday Loans Enseigne Lumineuse Neon Light Sign
Lighting (ADV PRO)
  • Overall size: W 12 x H 8.5 (W 300mm x H 210mm). Use LED as light source, life span is longer than 100, hours. Default color is shown in the first gallery picture...
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