Confused about pay day advances
I was just wondering how applying for a pay day advance gets catagorized as a way to make money. I have received 4 different "applications" for pay day advances in the last 2 days. I just don't understand how applying for a pay day loan is going to help me make money?
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Stay away from payday loans. As a consumer the annual Apr on a $100 loan works out to an exorbitant amount...in some cases up to 3000 percent. Payday loans are short term unsecured loans. If they are not paid back in 14 days the borrower could be subject to criminal charges. As a business opportunity there are many payday loan sites but in my opinion, there are better ways to make money than to prey upon the financial misfortune of others.
I agree with Rebecca. Don't get involved with pay day schemes. Some pay day services have an affiliate program, so essentially you would be promoting pay day loans.
A pay day loan can help someone out as a one-off emergency, but unfortunately far too many people end up getting sucked into an unending borrowing cycle and pay through the nose.
~ Jude