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This is Bill

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by

Olga papadimitriou

on 9 December 2013

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Transcript of This is Bill

The Holiday Season for Payday Loan Borrower Bill
And Bill? Well ... he's drowning in debt
He seeks out a payday loan lender to ease his holiday woes
And not surprisingly, two weeks later, Bill is having a nervous breakdown
This is Bill
It's the holiday season and Bill has presents to buy
He needs cash ...
NOW!
Bill has two weeks to pay off the loan

Bill's kids are enjoying the presents
Avoid the trap!
And avoid going
insane
Precisely, a loan for $375

$375 loan + $75 in fees =
$450


The Deal?
The fine print: 400% APR if the loan isn't paid in full
(400% APR is a national average, but there are some loan services as low as 36% APR)
5 months later:
Bill owes

$628.84
in interest
The moral for this holiday season?
Meanwhile:
And inevitably goes insane!
He's a 35 year old, hardworking individual with four young kids and a wife.
He decides to get a short-term loan. Although he's hesitant about this transaction, with the holiday's coming up, he has no other options.
The truth is, most payday loan borrowers can't make the full payment within two weeks. And end up taking out additional loans.
27% of borrowers have overdraft fees due to payday loans. And on average it takes up to 5 months to pay back a loan.
With a large family to support on one income, Bill doesn't have much in the way of savings.

In other words ...
Most payday loan lenders charge a fee of $15 - $25 dollars for every $100 dollars.
http://www.pewstates.org/uploadedFiles/PCS_Assets/2013/
Pew_Payday_Lending_Series_Summary.pdf
If you can't pay the loan in full in two weeks, then ...
http://payday-loan-service-review.toptenreviews.com/
Full transcript