Hey buddy! Are you in dire need of money?
If yes, then you might be searching for fast cash options! And in this situation, many of us get appealed to payday loans (pdls) to meet our cash demand.
Why not? Pdls have obvious reasons to attract peeps who need fast cash, like:
- You can get faster cash disbursement
- You don’t need to have a certain credit score to qualify for taking out a pdl
And what about repayment?
You need to pay off your pdls on your next paycheck date. Am I missing something?
Yes, the Annual Percentage Rates (APRs) of payday loans! The incessantly high APRs of payday loans make it very cumbersome to pay off.
A research by the Federal Consumer Financial Protection Bureau (CFPB) reveals that the cost of a loan from a storefront payday lender is usually $15 for every $100 borrowed!
But who cares? When you need fast cash due to some exigency, the money matters! We don’t think about the alternate options for pdls and eventually fall prey to the debt trap!
But at times, a payday loan can be beneficial because it can offer you faster cash disbursement and that too without any credit score check!
And in this era, where everything is almost online, how many people go for brick-and-mortar pdl stores?
If you are a tech-savvy person and use a smartphone, payday loan apps might sound much more convenient to you!
But from now onwards, you won’t get so many pdl apps like the way you used to get!
The reason being, the search engine giant Google has nixed pdl apps that offer an APR of 36% or more!
And talking about online applications, payday loan apps have become very famous.
It’s one of the fastest ways to get money when you are in dire need of it. But gone are those days when you used to install one of the best payday loan apps.
And fill out the application form along with necessary information. Because search engine giant Google has banned payday loan apps that charge interest of 36% and more.
Yes, you heard it right! You won’t find any pdl app in the Google Play Store which charges an interest of 36% or higher!
Before this app ban, Google started prohibiting payday loan ads from appearing in its search engine.
In this context, a Google spokesman told the Wall Street Journal, “Our Google Play developer policies are designed to protect users and keep them safe.”
This is just the beginning!
The deadline has been decided on 15th May for a public view on this proposed change. The authorities have already started receiving letters from the people who are in favor of such payday loan apps.
So, let’s wait and watch!
But in the meantime, if you are looking for payday loans, consider these things before you proceed!