Payday loans are short-term, high-interest loans offered by small companies.
Are they a good deal? Usually not.
They are intended to cover your financial needs until you reach your next payday — that’s when you’re expected to repay the full amount, or you’ll be hit with additional fees and finance charges.
Unfortunately, if you’re trying hard just to make ends meet, you may not take the time to understand the risks and dangers involved.
Here are 5 reasons to avoid a payday loan, plus 7 better ways to get cash fast:
Read more: 5 Reasons To Avoid A Payday Loan + 7 Less Expensive Ways To Get A Cash Advance