MovingForward
Palm Beach Gardens,#2Consumer Comment
Mon, February 27, 2012
Let me say first that I have never had a payday loan. (And, I don't work for any of these type companies. But I do read and understand whatever it is I'm signing before I sign it.)
No business is going to loan you money for free. It is well known that you have to pay interest on the loan for as long as you have the loan outstanding. The interest rates for payday loans is huge, actually, outrageous. Look at the paperwork you signed, check the rate and the expected payments due.
In order to pay off the loan you have to pay the outstanding interest due plus the entire remaining principal balance (that's how loans work).
In your paperwork there will be a payoff provision. All notes have this provision. Don't be surprised if you owe nearly the entire $300 plus the outstanding interest. It behooves you to get the entire amount due paid off in full so you can stop the outrageous interest. Do the math.