2 Responses to “question about payday loans. does anyone know PDL Assistance?”

1. KrisK says:

   November 20, 2011 at 6:28 am

   Payday loans are real. But they have very high interest rates. Typically on a 2 week PDL you will pay 15-30%. For example on a $ 100 loan you will payback $ 115-$ 130 when the loan is due next payday.

   Here is some info I pulled off Wikipedia:

   Retail lending

   Borrowers visit a payday lending store and secure a small cash loan, with payment due in full at the borrower’s next paycheck (usually a two week term). In the United States, finance charges on payday loans are typically in the range of 15 to 30 percent of the amount for the two-week period, which translates to rates ranging from 390 percent to 780 percent when expressed as an annual percentage rate (APR)[1] The borrower writes a postdated check to the lender in the full amount of the loan plus fees. On the maturity date, the borrower is expected to return to the store to repay the loan in person. If the borrower doesn’t repay the loan in person, the lender may process the check traditionally or through electronic withdrawal from the borrower’s checking account.

   If the account is short on funds to cover the check, the borrower may now face a bounced check fee from their bank in addition to the costs of the loan, and the loan may incur additional fees and/or an increased interest rate as a result of the failure to pay. For customers who cannot pay back the loan when due, members of the national trade association are required to offer an extended payment plan at no additional cost. In states like Washington, extended payment plans are required by state law.

   Payday lenders require the borrower to bring one or more recent pay stubs to prove that they have a steady source of income. The borrower is also required to provide recent bank statements.[citation needed] Individual companies and franchises have their own underwriting criteria.

   [edit]
   Internet lending

   Online payday loans are marketed through e-mail, online search, paid ads, and referrals. Typically, a consumer fills out an online application form or faxes a completed application that requests personal information, bank account numbers, Social Security number and employer information. Borrowers fax copies of a check, a recent bank statement, and signed paperwork. The loan is direct-deposited into the consumer’s checking account and loan payment or the finance charge is electronically withdrawn on the borrower’s next payday.

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2. Gerald B says:

   November 20, 2011 at 6:55 am

   Really its not in your best interest and it can be a lot of interest payments. But sometimes its the only choice. Good luck.

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