Mark Jorel Snow of Slick Cash Loan Offers Straight Talk on Payday Loans
Mark Jorel Snow of Slick Cash Loan pulls back the curtain on payday loans, sounding the alarm on their hidden 400% APR fees. His straight-talk blog aims to inform borrowers so they can avoid debt traps.
By: Slick Cash Loan
GLENDALE, Calif. - Aug. 28, 2023 - PRLog -- Mark Jorel Snow, Financial Coaching Manager at online lender Slick Cash Loan, is on a mission to expose the steep hidden costs of payday loans and help borrowers make informed choices. In his latest straight-talk blog post, Mark breaks down exactly how much payday loans end up costing compared to other better loan options.
In his characteristically candid style, Mark sounds the alarm on payday loans that seem convenient but punch your wallet hard with fees equaling insane 400% APR interest rates.
"You might need money ASAP, but those fees are bananas," Mark said plainly. "I want people to see what's really behind that curtain."
Here's how the math shakes out according to Mark: On a typical $500 payday loan for 2 weeks, you'll pay fees of $15-$20 per $100 borrowed. That's nearly 400% interest when annualized!
If you can't repay in full, rollover fees get tacked on every two weeks. Before you know it, you've paid more in fees than the original amount borrowed.
Mark suggests comparing that to installment loans, where you pay back the money over fixed payments usually 3-6 months. The annual interest on those? A much saner 6-36% APR.
"It's like the difference between a gentle nudge to pay versus getting slammed with a financial roundhouse kick every couple weeks," Mark explained. "I've seen too many people get knocked out cold by ridiculous payday loan fees."
Mark also advises exploring options like credit union loans, which frequently offer members lower rates and flexible repayment options compared to predatory payday lenders.
"Credit unions are like your buddy giving you a hand, versus a payday lender waiting to pickpocket you," he said.
At the end of the day, Mark says to assess each option objectively based on your unique financial situation and ability to repay.
"Getting the real facts helps avoid desperate decisions that sucker punch your wallet," Mark advised. "Budget realistically so you don't take the financial hit of 400% APR fees."
For anyone struggling with debt, Mark suggests reaching out to non-profit credit counseling services that offer guidance on improving your financial health.
"They're in your corner, ready to help you find solutions tailored to your situation," he said.
Mark's insider knowledge on the true cost of payday loans can be found in his straight-shooting blog post:
Comparing Easy Payday Loans with Other Loan Options
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Mark Jorel Snow