What are the implication of pay day loans?
I used to get loan from website call Wonga to pay my tuition fees. It started from £300 then I had to pay £500. then £ 400 to £800, £1000 to £1700.So i had to pay every month and I couldn't end it.Because all my earnings I had to pay them and of course I had to spend money on my rent bills , phone bills ,transport cost etc. Therefore I had to borrow money from someone else. They're high cost, short term loans with more tricks than Paul Daniels . Payday loans are short-term lending often used by people to tide them over until payday. They're often very easy to get – some even do it on mobiles while drunk which makes them feel convenient. But it's that very ease which is the danger. If you don't think about what you're doing, it can be a nightmare. Payday loans charge more for a month than credit cards do for a year 1,000%+ APRs are mostly meaningless apart from as a welcome scare If you expre...