Payday loans - PowerPoint PPT Presentation

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Payday loans

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How costs can go mad with a payday loan Borrowing money is easy. Paying it back it a little more difficult. Lets look at how the cost of a payday loan can get out of control. – PowerPoint PPT presentation

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Updated: 27 June 2015
Slides: 7
Provided by: shovonpk24
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Title: Payday loans


1
True Blue Loans
  • The cost of a Payday Loan

2
Payday Loans
  • How costs can go mad with a payday loan
  • Borrowing money is easy. Paying it back it a
    little more difficult.
  • Lets look at how the cost of a payday loan can
    get out of control.

3
Payday Loans
  • Lets say you borrow 500 as a payday loan.
  • You are paying the legal maximum of 0.8 per day
    interest.
  • You plan to have the loan for 30 days.
  • You expect to have to pay back, in a single
    installment, the loan of 500 and 120 interest.

4
Payday Loans
  • But at the end of the month you cant afford to
    pay 620.
  • So you roll the loan over and pay just the
    interest of 120. You still owe the initial
    capital of 500. A the end of month 2 you do the
    same again and pay just the interest of 120.
  • They are not allowed to roll you over more twice,
    so they put you on a repayment plan. Even if they
    freeze interest you still will have paid back
    500, plus 120. plus 120 740.

5
Wealth Warning
6
True Blue Loans
  • This information is brought to you by True Blue
    Loans
  • www.trueblueloans.co.uk
  • For more detailed information on Payday Loans
    follow this link.
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