Progressive Tackles Bad Credit Ok Loan
We all need help, and we all need that loan to get us through the rough spots. And we want it fast, no matter what our credit check shows.
Turn to the quick cash industry to get what you want, when we want it and how you want it. But hold it, what is this all going to cost? I expect to pay a little more, and just look at those credit card rates, but what is this all going to cost?
Interest with Bad Credit Ok Loans
With the interest rates, this is where the Bad Credit Ok Loans start to come off the rails. Walk into a Quick Cash storefront, which should not be hard to find, as there seems to be one on almost every corner, and see what they advertise for interest rates.
I did just that the other day and found the interest rate stated as “borrow $110 for 14 days and only pay $21.00.” That sounds pretty reasonable, but do the math like I did, and it works out to an interest rate of 45.6% per month, and a staggering 547.5% per year.
When I was a kid, I heard about loan sharking at 30% per month, so what is this, other than legalized loan sharking?
In Walks Progressive
Seizing an opportunity, in walks Prime Progressive, and Progressive tackles Bad credit ok loan industry with six months credit loan, with a difference.
Prime Progressive has taken the Quick Cash Loan industry head on with their new Payday Loan. On the website for Prime Progressive, the company states that they started their website, as they “wanted to help people giving them advice, tips, and the best knowledge around this type of credit.” As well, they say that with their payday loans, “payday loan companies hate Progressive Loans,” and for good reason.
The Prime Progressive Payday Loan
Progressive tackles Bad credit Ok loan industry with six month credit loan that sets a new standard of service, and commitment to the customer with better and faster service, absolute confidentiality, and full-scale information on what a payday loan cost will be. As well, they allow the opportunity for borrowers to roll over of the loan if required, however, they advise, “this is a payday loan only until you get paid.”
Interesting they have an easy to use Loan Rate Calculator on their site so that potential clients can go into their loan with their eyes wide open and knowing the real cost. Their no hassle, no credit, no information payday loan, with an application that only takes about 30 minutes to complete.
The amount that can be borrowed varies by State, as well as, do the terms and the interest rates. Checking in one State, indicated a payback of 45 days allowed, with the potential of rollover if required, and an interest rate of 15%. On an annual basis the interest rate equals 121.7%, a far cry from the 546.7% being offered by one of the competitors.
Conclusion
It is no wonder the loan industry hates Progressive Loans, with their payday loan and positive information to help the borrower better understand what they are getting into, what the opportunities are, and what a loan will cost.
Progressive tackles bad credit ok loan industry with six months credit loan with a difference is an understatement, and the other loan companies are right to stand up and take notice.
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