Check 'n Go Releases APR Comparison Video
Check 'n Go, a leading payday loan provider, released a video called "Payday Loan APR: Myths vs. Reality" in April 2009. As Michael Cammon, Vice President of e-Business for Check 'n Go Financial explains, Check 'n Go created this video because of common misperceptions regarding payday loans and APRs. "We want to help consumers understand payday loan annual percentage rates compared to other types of loans and fees," said Cammon,
Cincinnati, OH (PRWEB) June 1, 2009 -- Check 'n Go, a leading payday loan provider, released a video calledPayday Loan APR: Myths vs. Reality in April 2009. As Michael Cammon, Vice President of e-Business for Check 'n Go Financial explains, Check 'n Go created this video because of common misperceptions regarding payday loans and APRs. "We want to help consumers understand payday loan annual percentage rates compared to other types of loans and fees," said Cammon,
Lending institutions are required by law to show their fees and interest in terms of an annual percentage rate (APR). However, payday loans are short-term loans to be repaid on your next payday. Therefore, the APR will be stated higher for payday loans because it is based on a shorter period of time.
In this video, Check 'n Go compares the APR of a payday loan to other financial options consumers face if they do not take out a payday loan. Examples include the financial implications of making a late payment on a credit card bill or writing a bad check. The fees and charges the consumer experiences then are translated into an APR to show an equal comparison.
"Many times, people do not realize a payday loan is an alternative financial source that can benefit your credit score. If you make a late payment on your credit card, you risk harming your credit score. But it is less expensive to take out a payday loan to make your payment on time than to pay your bill late, face late fees and potentially harm your credit score," said Cammon.
About Check 'n Go
Check 'n Go is committed to providing services that preserve both the financial security and the dignity of our customers. Check 'n Go operates more than 1,200 locations in 31 states and online. A founding member of the Community Financial Services Association of America (CFSA), Check 'n Go provides short-term loans and other financial products to consumers in a responsible manner. In fact, Check 'n Go leaders helped create the CFSA Best Practices, which promote responsible lending.
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