We started Clf off with a post on APR quite some time ago now, and we want to make a special post directing you to a Youtube video that demonstrates the reality of some Payday Loan APR (annual percentage rate). When it comes to Payday Loans you of course want the lowest APR possible, but when you read their fine print, these Payday Loan companies are all taking advantage of your current financial status (possibly a bad credit rating or very low FICO score)

This video was first brought to our attention by Emily Winkle from Check N’ Go. Just so we are perfectly clear, Clf in no way recommending the Check N’ Go Payday loan company, and furthermore, we want you to know that this video we are posting was provided by Check N’ Go. We often get lending institutions or their affiliates trying to post comments on Clf (do to our fairly high ranking in the search engine results for personal financing related keywords) and that is part of the game. Rarely (if ever) do we elaborate on something they have commented about. Usually they are just trying to drop a link in to our blog post directing traffic to their web site, and they have no intention of having a sincere dialogue regarding personal financing. Basically, they’re parasites who try to bleed off your traffic which we worked so hard to get. In this case, the video is very well made and shows visually and verbally how bad Payday Loan APR can get if you don’t have your sh*t together when paying the Cash Advance company back on in due time.

So here is it; Payday Loan APR Video

So you can see how ugly these Payday Loan companies can get when you miss a payment or bounce a check. Then the collection agencies are “sicked on you” and start bugging you all the time. Some even threaten to put you in jail, and if you ever have that happen, please read this post about recording your phone calls with them and turning them into the authorities.

It’s really a crime that borrowers are fooled into signing these scam loan agreements in the first place. The only way you can consider getting a Payday Loan is if you KNOW you are going to pay it back on time and you hopefully plan NEVER to use a Payday Loan again. And yes…..this includes Check N’ Go.