Comments on: My Name is the Center for Responsible Lending, and I’m STILL Here to Deceive You! http://www.bloggernews.net/121527 High-quality English language analysis and editorial writing on the news. Sun, 22 Nov 2009 20:48:54 +0000 http://wordpress.org/?v=2.3.3 By: My Payday Lenders http://www.bloggernews.net/121527#comment-1336973 My Payday Lenders Fri, 10 Jul 2009 08:30:23 +0000 http://www.bloggernews.net/121527#comment-1336973 Hi, Thanks for your great post! When someone in the America could get a $60 payday loan or cash advance in most states for a fee of $9, whereas an average bank overdraft fee for the same amount (i.e. $60) was $27. - [Fee]/[Payday Loan or Cash Advance]= 9/60 = $0.15 - [Fee]/[Bank Overdraft] = 27/60 = $0.45 Therefore, it is so OBVIOUS that using a bank overdraft is much more expensive than getting a payday day loan / cash advance. Conclusion: (1) The average FEE for every $1 Payday Loan or Cash Advance you get is equal to $0.15 (2) The average FEE for every $1 bank overdraft you get is equal to $0.45 (3) Payday loan or cash advance is NOT great to be used as a long-term solution for your financial difficulties, but if you were having no other options except getting either a "Payday Loan" or "Bank Overdraft", then clearly "Payday Loan" is the best option to go for. Regards, MPL Hi,
Thanks for your great post!

When someone in the America could get a $60 payday loan or cash advance in most states for a fee of $9, whereas an average bank overdraft fee for the same amount (i.e. $60) was $27.

- [Fee]/[Payday Loan or Cash Advance]= 9/60 = $0.15
- [Fee]/[Bank Overdraft] = 27/60 = $0.45

Therefore, it is so OBVIOUS that using a bank overdraft is much more expensive than getting a payday day loan / cash advance.

Conclusion:

(1) The average FEE for every $1 Payday Loan or Cash Advance you get is equal to $0.15

(2) The average FEE for every $1 bank overdraft you get is equal to $0.45

(3) Payday loan or cash advance is NOT great to be used as a long-term solution for your financial difficulties, but if you were having no other options except getting either a “Payday Loan” or “Bank Overdraft”, then clearly “Payday Loan” is the best option to go for.

Regards,

MPL

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