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Experts Weigh In On Payday Loans as Holidays Approach

While payday loans may be quick and easy ways to get cash, in the end many people aren’t ready for what comes next.  One financial expert fills us in on what you need to know before getting that fast holiday money.

Rocio Castruita, with YWCA Credit Counceling says, the trap for consumers is if you don’t pay the loan back in full, borrowers are forced to pay pricey extension fees which can be upwards of 50% of the original loan.

Castruita says these businesses bank on people not being able to pay in full so they can rack up fees and higher interest rates.  And after the holidays Castruita says her office is packed with people who’ve fallen into these financial holes.

Source:
http://www.ktsm.com/news/local/34918774.html

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