Pay Day Loan Illinois Style

Writen by Keith Kingston

The reason that I do not want to do this is because my husband has warned me excessively about not doing it, and he says that if I do he will leave me and take the kids! Although he is joking he really does feel very strongly that this is a sure way to get you in a lot of trouble in financial terms!

He has explained to me that when you borrow money from a bank the annual percentage rate or apr is around 5%-25% depending on the financial product that you are using, for example a mortgage on a home may be at the lower end of this category whilst a credit card may be at the upper end of the category and through considering this, we can learn a lot about why a pay day loan Illinois Style, or any other style for that matter is very stupid indeed! The reason why a credit card has a higher APR can be explained for two reasons, one is that the person can expect to borrow money over a lesser amount of time and therefore the administrative costs are more heavily waited, and also that the customer has flexibility over when to pay back.

These two factors are a bad mix and they come into play even more when a customer gets a pay day loan Illinois Style! That is why I have been told y my husband that the only time that they are appropriate is when you cannot get a bank overdraft, or a credit card and that your next months/ weeks wages will go over and your next months expenditure. However much they go over is how much it is OK to borrow, but remember to account for the amount you will pay in APR which will be given as a weekly amount to trick the customer.

Keith Kingston is a web publisher who runs a wide variety of finance related sites. Find out more about Pay Day Loan Illinois and Pay Day Loan Michigan