Another criticism of the industry is that payday loan companies loop you into financial disguise by offering short - term loans with high - interest rates and if you are unable to meet the repayment deadlines, then you will be
charged additional finance charges and additional interest.
The rate of liquidated damages should be a «genuine pre-estimate» of your losses should the building not be ready and, typically, would include items such as the cost of renting alternative space,
additional finance charges and storage charges.
Find out if they will charge you a late charge,
a additional finance charge or a higher rate of interest.
Oftentimes these loans can be rolled over for
additional finance charges and many borrowers are often repeat customers.
Also clear your doubts regarding any late charge,
additional finance charge or a higher interest rate.
And that only gets worse if you need to extend the loan for any reason, taking on
an additional finance charge for the extension.
Renewing a loan will result in
additional finance charges and fees.