Posts Tagged ‘high interest on Online Pay Day Loans’

Why Are Interest Rates On Online Pay Day Loans So High?

There are various logics and claims that buy cheapest online place viagra payday lenders make in defense of the extremely high interest rates charged on online pay day loans. Their logics might sound reasonable to you, but, before you fall trapped into those claims and logics, you are advised to go through the following details.

Small Amount Of Lending Is Not Viable Without Charging A High Rate Of Interest

Payday lenders that offer online pay day loans and charge interest at an exorbitantly high rate often defend this high cost by saying that small amount of lending is financially not a viable thing to do without charging a big amount of interest. Well, it is true that no conventional lenders take interest in offering small loans without charging a high rate of interest on the same. Whether you borrow a cash advance using your credit card, borrow a short term loan from a credit union or a small amount of personal loan from a bank, you are charged interest at a much higher rate as compared to the interest rates on conventional loans like long term personal loans, home loans or car loans. But, the high rates that payday lenders charge are much, much higher and usually

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range from 290% per annum to 1790% per annum. This is obviously not something reasonable or acceptable.

Payday Lending Business Cannot Sustain Without Charging Exorbitant Interest

Lenders offering online pay day loans also claim that the interest rates they charge have to be high because their businesses cannot sustain otherwise. Now, what kind of logic is this? How can businesses be allowed to sustain

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at the cost of consumers becoming bankrupt? These lenders target low-income consumers because they are the ones who actually need small amount of loans quite frequently. They are told that these loans are cheap and easy and they fall into temptation and borrow it. But, such consumers often do not have the financial ability to repay these loans in time just because of the extremely high cost associated with the same. They often need money urgently and fail to think of a better alternative. The moment they come across a website that says “get money in three steps – submit your application, get instant approval and get the

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fund in your bank account”, they get tempted to sign up for the same. They often believe the brief terms of the loan mentioned in the advertisement in bold letters and do not care to read the actual loan contract to get the correct picture about the cost of the loan.

In short, payday lending is nothing but a debt trap and this is how payday lenders make money. The longer they keep a borrower trapped in a debt cycle, the larger profit they make. Therefore, if you are considering borrowing online pay day loans, you must look into all the aspects thoroughly and never believe what these lenders have to say. Giving logics like payday lending business cannot sustain without charging unreasonably high interest does not make any sense at all. If such businesses cannot sustain without creating a debt trap for low-income and financially vulnerable consumers, they should exit the market. None of the logics that payday lenders give in defense of the extremely high cost of pay day lending makes any sense at all, and so, is not acceptable.


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