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Need cash quick? Why not try a payday loan? While it might look like a better option than a credit card on its surface, the truth is that payday loans can be rather ugly and expensive, and can trap you in a cycle of debt if you don't know how it works. Find out how some states and countries keep a lid on exploding fees for short-term loans, and why a credit card is a far better option.
Resources:
- The Victims of Payday Lending
- Payday Loan Information for Consumers: Legal Status of Payday Loans by State
- FCA confirms price cap rules for payday lenders (UK)
- High cost loans (NZ)
- Can taking out a payday loan help rebuild my credit or improve my credit score?
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