Payday loans such as pikavippi and pikalaina are low dollars short term loans. In the UK you can compare the prices and costs of them easily at http://www.101paydayloans.co.uk for example. It meets the requirement of low income working families. Initially payday loans were not so famous or not in much use but now there are 27000 lenders worldwide. The number of outlets of lenders approximately tripled in three years. In the year 2005, $40 billion in loan value and $6 billion in finance charges were reported. Pikavippi and Vippi Payday loans means customer buy some particulars and pay for it by taking loan from the different companies which ever provides the best offer for the borrower. The customer should not give any PIN number or any other personal banking information like credit card number or savings account number to the lender. The customer must read the agreement before signing it. The customers first also opt for customer credit counseling service to know the best offer price by the different authorized lenders.

A typical pikavippi payday loan is up to $500, and issued upon a proof of regular paycheck. Bigger short term loans are often called as “kulutusluotot“, whereas a smaller loan might be referred to as pikavippi, pikalaina, vippi, or pikavippi 200. Regularly $15- $20 fee per $100 is being taken from the customers. The annual interest rate is about ±18%.  Normally two weeks time is provide to the borrower to repay it excluding the fees. Also lump sum payment is required to be done by the customer. Loan is secured by borrower’s post dated check on which the when the lender can encash the check is written. Many pikavippivertailu customers borrow entire amount of paycheck. The borrower if not able to pay the loan then he can extend it for another two weeks. The payday lenders are very helpful so they sanction the extension if and only if the customer is ready to pay fee for another extended time. The payday lending debt trap is usually seen. As on an average customer pays almost $800 to borrow $325. By the way, if you want to learn more about taking care of your personal finances, I suggest you visit the Stanford Business Magazine Online.