Why Installment Loans are the Best Loan
Risks of Payday Loans
As consumers move their financial activities online, cash-strapped individuals are turning to online payday loans; but you could be setting yourself up for a financial catastrophe.
What is a payday loan? Simply put, a payday loan is a cash advance given to an individual with the understanding that they will be paying it off with the next paycheck they receive. The ultimate danger of payday loans is that you can easily become trapped in an endless cycle of taking out loan after loan. Even though the pay period only lasts until your next paycheck, the interest rates that apply to a payday loan are so high that it can become extremely difficult for an individual to pay back the loan with only the money in their next paycheck. In fact, a typical two-week payday loan with a $15 per $100 fee equates to an annual percentage rate (APR) of between 400% and 5,000%!
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