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The lure of payday loans from storefront or Internet lenders can be tempting if you’re in a cash crunch. These modern-day loan sharks may promise fast access to easy money.
Payday loans in one hour or less!
Apply now and get cash in 10 minutes!
$500 cash wired to your account instantly!
No credit check
needed!
Unfortunately, these short-term loans can trap borrowers in an expensive cycle of debt that drags out for many weeks or months. Payday loans are intended to be paid off in two weeks, but the average borrower ends up being in debt for 212 days and paying more interest and fees than the original loan amount.*
How it works: When you apply for a payday loan, you write a check to the lender for the amount of the loan plus a fee. The lender holds this check and gives you cash or wires funds to your account. At the end of the loan term (typically two weeks, to coincide with payday) the lender will cash your check or withdraw the funds electronically. If you can’t repay, you’ll pay another fee to renew the loan.
High costs: Many borrowers get stuck paying fees on top of fees for the original amount borrowed, and that’s where payday loans can get outrageously expensive. The rates and fees lenders can legally charge varies by state, but the average annual percentage rate (APR) for a two-week payday loan is 391% to 521%.*
Know Your Options
Payday loans aren’t the only option for borrowing money in a pinch. Navigator offers quick service and fast approvals for personal loans and low-rate credit cards. We also offer overdraft protection for your checking account, and can help you make a sound financial decision rather than getting stuck in a cycle of endless debt. You can trust our reputation as a financially sound lender in the community and know that we’re watching out for your best interests.
Call 228-475-7300 or email us at marketing@navigatorcu.org to learn more about borrowing money or consolidating debt.
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* Source: Center for Responsible Lending, www.responsiblelending.org.