Avoid the Sharks!
Are you strapped with high-interest rate credit card debt? Have you been hit with an unexpected bill?
There is one option we feel you need to avoid, and it's a PayDay Loan.
A PayDay Loan is usually a short-term, high-cost loan, generally, for $500 or less, that is typically due on your next payday. Depending on state law, payday loans may be available through storefront payday lenders or online.
Many state laws set a maximum amount for payday loan fees ranging from $10 to $30 for every $100 borrowed. A typical two-week payday loan with a $15 per $100 fee equates to an annual percentage rate (APR) of almost 400 percent. By comparison, APRs on credit cards can range from about 12 percent to about 30 percent.