A quick trip to Amscot can solve a multitude of “liquidity issues” for those who live paycheck to paycheck, as about half the population of the USA does.
The interest rate is a straight up 10%, plus $1.00.
Say you need $300.00 to pay your rent, but an unexpected doctors visit or car repair bill cleaned out your tiny savings cushion.
Kiting a check could get you charged with a crime, fines, and possible jail time, in addition to the bank's insufficient funds fee of $35.00.
Not to mention the rental late payment fees.
No bank is going to loan you the money.
But a payday lender will, and on $300.00, the cost will be $31.00.
No late rental fees, no risking a bounced check, and no risking criminal charges and possible jail time.
Any one of the above will typically add up to be much more than $31.00!
Are the feds going to offer a new ultra-short term loan plan?
ROTFLMAO!
No shame at all, eh?