Colony Payday Loan

Payday loans can be very expensive, but do you know how expensive? Here's an example that should give you a pretty good idea of how expensive payday loans can be.

Let's suppose you borrow $100 for a week for a $10 fee. The interest rate on such a loan is 10% per week. Since there are 52 weeks in a year that would make the annual percentage rate 520%!

Think about cutting your expenses instead of taking out payday loans. Something simple such as bringing a homemade sandwich to lunch every day can save you over $100 per month. Borrow if you must but do it as little as possible.

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