Kakashi2020
Active member
The thing with Payday Loans or Short Loans is that most Companies charge a huge interest and to top it off they deduct advance interest to the loan proceeds. Some charge 20℅ to as high as 30℅ for a short term loan of 15 to 30 days and if you missed your payment they'll charge you additional interest.
My take on payday loans is don't get one unless it's your last option or a real emergency.
The government should regulate it but in the Philippines there's lots of illegal loan shark syndicates mostly owned by Chinese Immigrants who threatens people with default loans with bodily harm if they don't pay.
That's the bad side of payday loans but there's also the good side. There are legitimate companies which gives out payday short term loans uncollateralized but there are some requirements you have to submit first which are hard for most loan applicants.
How does payday loans work in your country?
My take on payday loans is don't get one unless it's your last option or a real emergency.
The government should regulate it but in the Philippines there's lots of illegal loan shark syndicates mostly owned by Chinese Immigrants who threatens people with default loans with bodily harm if they don't pay.
That's the bad side of payday loans but there's also the good side. There are legitimate companies which gives out payday short term loans uncollateralized but there are some requirements you have to submit first which are hard for most loan applicants.
How does payday loans work in your country?
