News - Online Payday Loans Instant Approval

Beware of ads hawking payday loans

The advertisement concerning payday loans in Tuesday's paper is one of the most deceptive I've ever seen.

The ad makes the following statements: First, the loans are two-week loans; second, the cost is $15 per $100 borrowed; third, the maximum loan amount is $500.

If $500 is borrowed for two weeks, the $15 per $100 borrowed would come to five times $15, or $75. And, that applies only if the loan is paid off. If not, the loan can be reissued over and over (as a new loan) with the cost per $100 borrowed added again and again.