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Uneven Wages

There is no minimum wage followed or fixed for weavers. The wage depends on the performance, production, regular supply of power, and raw materials. If any of the above is missing, the weaver’s wage will get a punch. There is fixed wage or salary for weavers, so if the weaver earns Rs. 6000 this month, next month it may be Rs. 5000 or Rs. 7000. This troubles him to meet his financial crunches.

Regular Source of Income

Like uneven wages to a weaver, he does not have a continuous income, and a regular source of income. If there is work, there is income. If no work because of various hindrances, he cannot depend on that source of income for that particular week or month. Unfortunately, since most of them are not educated they are unable to do any other job also. Furthermore, they are into weaving from childhood, they are not competent to do other tasks. They feel very sad to say ‘we know only this profession’.

Job Security

Weaving belongs to the category of small-scale industries. Here there is no security for the jobs of the weavers. Even the weavers are prepared for the same; they are with one factory today; with some other next week. They know very well, there is no particular factory for them to continue working for 5 or 10 years. They are not even aware of the importance of job security.

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Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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