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.
The good news is payday advances aren’t your only option if you’re in a financial pinch. Here are some alternatives to consider.
The post Payday Loan Alternatives: What Option Is Best for You? originally appeared at U.S. News & World Report.