Posts Tagged Pay-day-loans

Do they work?

So do the anti-smoking adds covering the top 50% of the package work?  One wonders.

Truth be told, I don’t usually squander much mental energy on the question. Possibly that’s because I rarely come face to face with a pack of cigarettes.

However last week I walked into my friendly neighbourhood Cash Shop/Western Union outlet and I noticed a new poster prominently displayed.

No lurid picture of a diseased lung or rotting teeth, just math facts disambiguated- albeit in purple print.

“The legal maximum amount you can charge on a pay-day loan is 23%.  We charge 23%.  That means that a 14 day loan of $300.00 costs $69.00 which works out to 599.64 per cent compounded annual interest.”

Leave a Comment