Payday Loan and Cash Advance Facts
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| • Payday Loans and Cash
Advances are designed to meet a short- term cash emergency such as a car repair or a medical
need (i.e; prescription medication). |
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| • Payday Loans and Cash
Advances are key services for people who have a financial need between paydates. |
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| • Using Annual Percentage
Rates (APR) to evaluate the costs of Payday Loans and Cash Advances are not accurate, because
the charge for service is closer in nature to a fee. |
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| • Most banks will typically
NOT process a consumer loan for under $1,000. The average Payday Loan or Cash Advance is approximately
$200. |
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| • Fees charged by banks
for bounced checks are often significantly higher than fees charged for Payday Loan and Cash
Advance services. Additionally, merchants often charge their own bounced check fee. |
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