Comparing Loans by kyle white https://padlet.com/kylew8843/gowkcyhuqyj1f46f Lesson 4.1 en-us 2020-12-15 20:34:34 UTC 2020-12-15 21:42:20 UTC hello@padlet.com Payday Loans kylew8843 https://padlet.com/kylew8843/gowkcyhuqyj1f46f/wish/1021996894 -short term, high cost loan
-no credit check, just need post-dated check
-easy loan for people with no credit cards or savings accounts
--more fees and finance charges if not paid in full (2 weeks)
-risk falling into long cycle of debt
-also called "cash advances" or "deferred deposits"
(iBook, Credit, 2-4)]]> 2020-12-15 21:18:58 UTC https://padlet.com/kylew8843/gowkcyhuqyj1f46f/wish/1021996894 $1000 Payday Loan kylew8843 https://padlet.com/kylew8843/gowkcyhuqyj1f46f/wish/1022005988 $1000 loan--$150 fee--given $850--due in 2 weeks $1000
Cost for loan over 2 weeks is $150 (APR of 460%)]]> 2020-12-15 21:22:14 UTC https://padlet.com/kylew8843/gowkcyhuqyj1f46f/wish/1022005988 Bank Loan kylew8843 https://padlet.com/kylew8843/gowkcyhuqyj1f46f/wish/1022011841 --fixed interest rate
--fixed repayment period
--must be creditworthy
--interest rate based on credit score (the better the score the better the interest rate)
--credit unions have more lenient requirements
(iBook, Credit, 2-4)]]> 2020-12-15 21:24:22 UTC https://padlet.com/kylew8843/gowkcyhuqyj1f46f/wish/1022011841 $1000 Bank Loan kylew8843 https://padlet.com/kylew8843/gowkcyhuqyj1f46f/wish/1022018113 $1000 loan (12 months)--15% interest rate--paid off in 2 weeks=$1005.77
(150/26=5.77)

]]> 2020-12-15 21:26:40 UTC https://padlet.com/kylew8843/gowkcyhuqyj1f46f/wish/1022018113 Payday vs Bank Loan kylew8843 https://padlet.com/kylew8843/gowkcyhuqyj1f46f/wish/1022025486 I would say that this is a case by case scenerio.  If you are a creditworthy person and can obtain a loan I'd say that the bank loan would be the best route to go since you are only paying back 5.77 in the same 2-week period you'd pay the Payday loan 150.00.  But, if there are no other options and you don't have other credit cards and your credit is less than perfect the payday loan would be your only route. You have to be careful because you could end up relying on this and this is definitely not a way to live, very costly. I feel that if a person is going to do this, they should work with a credit counselor to get help improving their credit.]]> 2020-12-15 21:29:30 UTC https://padlet.com/kylew8843/gowkcyhuqyj1f46f/wish/1022025486