The information on this website is general in nature and does not take into account your objectives, financial situation or needs. We have vastly overestimated how many students will qualify. I am sure there has been some confusion and misinformation. We are making assumptions about students after they graduate and live their lives. I can see some rise in the percent of students that qualify but really do not think it will ever be more then 10%.The most obvious problem with payday loans is the cost. We just did an example of a borrower who pays $75 in interest for a $500 loan. If that was the cost of interest for a full year, the interest rate would be 15 percent. That would be a decent rate for someone who has either bad credit or no credit, and is taking an unsecured loan.
Put simply, if you've had trouble being approved for a traditional loan in the past because of bad credit or long eligibility criteria, a short-term loan could be for you. Before you apply, read on to learn about important considerations first.
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