Month-to-month interest calculator: the cash advance pitfall. Pay day loans with high rates become marketed as a stopgap until your upcoming payday.

But what if you can't outlay cash back?

Taking right out a brand new payday loan every month to pay for the final one results in spiralling costs. Kids, British and Broke presenter Miquita Oliver shows the payday loan interest calculator actually in operation.

BBC Three documentary immature, British and Broke: the real truth about payday advances demonstrates the reports of several teenagers just who 'refinanced' payday advance loan – took aside a brand new mortgage with another company to repay the very first mortgage, such as any interest due. (more…)