2020年8月3日 • 3分钟
If you find yourself needing cash in between pay days or facing an emergency expense, you might have thought about getting a 发薪日贷款. There are lots of 发薪日贷款 ads on TV or the internet for a “same day loan”, “instant approval” or “borrow with bad credit.” Payday loans like this promise “money in minutes” from lenders who “don’t care if you have bad credit.” But the truth is that these predatory lenders offering 发薪日贷款s often charge an interest rate of 372% annually – which is way higher than a typical loan.
We care about your financial wellness, and want to ensure you understand the true cost of a 发薪日贷款 when you’re facing a cash crunch.
掠夺性贷款 offering 发薪日贷款s often charge an interest rate of 372% annually – which is way higher than a typical loan.”
如果你有 emergency savings fund先点击那个. After all, it’s your emergency fund – and it’s cheaper to pay yourself back than to pay back a loan. If you don’t have savings to tap into, read on to learn about 发薪日贷款s – and other options that may be better.
Payday loans are short-term loans regulated by state law. 在加州, 发薪日贷款s can be up to $300, charge up to 460% APR plus 15% in fees, and must be for no longer than 31 days. (Typical 发薪日贷款s are due in two weeks – the time until you receive your next paycheck.)
If you borrow a 发薪日贷款 in California, the maximum amount you’re getting will be $300. If you borrow that amount, the lender may charge you up to $45 in fees – $15 for every $100 you borrow.
In addition to the fees, the lender will also charge you interest. 感兴趣 is expressed as the “annual percentage rate,” or APR. Even though 发薪日贷款s are only for two weeks (or up to 31 days), your interest charges will still be expressed in annual terms as the APR.
California law caps the APR at 460% for 发薪日贷款s, and the average APR charged is 372% according to the California state government. This means you’ll owe, on average, $46 in interest on a two-week loan. For comparison, credit cards, which can have high interest rates, top out at around 22.6% APR according to a 2020 report from US News and World Report – more than ten times lower than 372%. We have credit cards available with some of the best interest rates around – check out our 信用卡产品 to see our rates and learn about what card may be a good fit for you.
The bottom line: a $300 发薪日贷款 will cost you around $391 – so you’re paying $91 for the ability to get $300. That’s a very high cost – especially when compared with the cost of other loan alternatives.
Because of the high cost of 发薪日贷款s, we urge you to consider other options. Check out our article on 发薪日贷款 alternatives 7个想法. Because of their high cost, almost any alternative is better than a 发薪日贷款.
We are always here for you, and we encourage you to set up a confidential call with one of our Certified Financial Specialists. They’ll listen to you and help you come up with alternatives to a 发薪日贷款.
急需钱? Avoid the pitfalls of a 发薪日贷款 and discover the many alternatives that may be available to you. The experts at Patelco can help!
In the market for a loan? Understand what predatory lending is and how to avoid a predatory loan from the experts at 帕特尔科信用合作社.
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