So if you want to avoid the payday loan trap, you should make sure youve looked at all their other options first. Even when you absolutely need some extra cash to make it through the month, theres almost always a better cash advance for a month of getting it than turning to a payday loan shark. The Payday Lending Industry. Payday lending is a big business. The Community Financial Services Association of America (CFSA) boasts more than 20,000 member locations more than either Starbucks or McDonalds.
About 19 million American households (nearly one out of every six in the country) have taken out a payday loan at some point.
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Cons. Very high interest rates especially if you are self employed. Xpress Cash Financing-i. CIMB Xpress Cash Financing-i is personal financing that is catered for selected MultinationalsGLCs and Malaysian public sector employees. The profit rate starts at 24. 00 p. a flat rate. There are no collateral and guarantor needed for the loan application.