Also, how is this option cheaper than bouncing a check? An NSF fee is what, $30? If you borrow $500 on a payday loan, its over $600 to pay back in 2 weeks. $1000 payback over $1200. How is that cheaper? If a credit card cash advance is 25% APR and you pay it off at the end of the month or even in a year, that's still much cheaper. Your reporter should have called Norcross out on that. It still boils down to an individual's responsibility. The customer signs the papers and agrees to the terms
HJ1978 January 8, 2012
at 7:13pm
Also, how is this option cheaper than bouncing a check? An NSF fee is what, $30? If you borrow $500 on a payday loan, its over $600 to pay back in 2 weeks. $1000 payback over $1200. How is that cheaper? If a credit card cash advance is 25% APR and you pay it off at the end of the month or even in a year, that's still much cheaper. Your reporter should have called Norcross out on that. It still boils down to an individual's responsibility. The customer signs the papers and agrees to the terms