Payday loans can keep you in a cycle of debt with rollover fees.(GETTY IMAGES)
When you’re strapped for cash, the payday loan promise of fast money with no hassle can seem like an attractive option. But is it your only one?
The Center for Responsible Lending calls payday loans “predatory” – for good reason. The ease with which borrowers can get their hands on funds to float them to their next paycheck often takes a severe financial toll. Several states now cap the interest on payday loans at 36%. However, according to the CRL, annual percentage rates can go as high as 664% in states without a cap.