Cash Loan Network offer Cheap Payday Loans

Looking for fast food? There is probably a McDonald’s nearby where you can get your fix. Looking for fast cash? In the majority of states, there is even more likely to be a payday lender near you than a McDonald’s. Both types of establishments promise to serve you quickly and easily, but don’t be fooled: a payday loan is no better for your wallet than French fries are for your waistline.

Here is how a payday loan is dished out: the lender gives the borrower a small loan—typically a few hundred dollars—in exchange for her agreement to pay back the amount borrowed, plus a sizeable fee, in a week or two. The borrower must give the lender a post-dated check or electronic account access for the total amount of the loan plus the fee. When the loan’s due date arrives, the lender can cash the check or debit her account. The cost of this type of loan is super-size: it usually carries an Annual Percentage Rate (APR) in the triple or even quadruple digits. The borrower generally can’t afford to pay it back in full on its due date, so she must roll it over or take out new loans to try to stay afloat. This cycle creates a debt trap that ensnares the borrower, harming her as well as her family and community. Read the rest of this entry »