usurious Tag

26 Jul Credit Unions: Lots Better Than Payday Loans

Payday loans are horrible.
  • Interest rates as high as 1,500% per year (that's One Thousand Five Hundred percent per year, and yes, we've seen them this high).
  • Wage withholding.
  • Repayment terms that lock you into an endless cycle of borrow and pay that you can never get out of.
  • Abusive collection practices.
So why do people borrow money from people like this on such outrageous terms? Because, as one blogger put it, "When the landlord is pounding on the door demanding rent, the kids are crying because the kitchen is empty, and the electric company is hauling the meter out of the house for non-payment, what would you do?" Well, what can you do other than using a payday lender? The answer? Check with a credit union.
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