Money Magazine Says Payday Loan Worst Way to Get CashThe September issue of Money Magazine has a piece on the "Best (and worst) ways to raise
fast cash." The authors, Stephen Gandel and Conna Rosato offer 16 "best" ways
and one "worst" way. Can you guess what the worst way to raise fast cash was?
Getting a payday loan!
Here are the pros and cons listed by Money Magazine:
Pros: None
Cons: Annualized interest ranges from 200% to 500%. Are you
out of your mind?
To see for yourself, click here: http://money.cnn.com/galleries/2008/moneymag/0808/gallery.rasie_cash.moneymag/index.html
Looks like the brightest minds in business agree that payday
loans at 391% APR are a waste of perfectly good money. Help cap interest rates
on payday loans at 28% APR! VOTE YES ON ISSUE 5!
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