Even the Government of Bangladesh adopted different encouraging initiatives like the 1993 Compulsory Primary Education Act; the establishment of the ministry for Primary and Mass Education in 1992; Female Stipend program, for instance, the Food for Education (FFE) and the Primary Education Development Program II (PEDP) (Kalene et al., 2005. p. 4). All of these programs have obviously brought some positive changes in educational field of the country. As a consequence, ‘girls have actually overtaken boys in rates of enrollment, completion, and attendance in primary school (Kabeer et al., 2003, p. 292). The government committed to implement Universal Primary Education (UPE) by 1986 taking the Second Five Year Plan (SFYP), 1981-1985 (Linda A. Dove).

Unfortunately, in the Fifth Five Year Plan (FFYP) (1997-2002), the country yet to achieve the goal of Education for All (EFA) and cannot ensure the educational needs of 30 million adult illiterate (Five Year Plan in Bangladesh, p.62). As a matter of fact, huge number of people is still illiterate. It is quietly recognized that universalization of primary education for an over populated developing country like Bangladesh is a difficult task (Britannica, Vol. 18, 1993. P. 77).

Representative APR 391%. Average APR for this type of loans is 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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