You need money? OK…but there are 4 fast-cash sources to avoid!

by Larry

4 fast-cash sources to avoid!

payday-loans

1 – Payday loans: Payday loans are short-term loans repaid in a lump sum made to people who have a source of income and a bank account. Your credit isn’t a factor, but if you have existing payday loans outstanding you may not be able to get another one. Interest is usually expressed as a “fee” — $15 per $100 borrowed is typical — but the trap is that borrowers typically have the option to pay another “fee” rather than settle the loan. Over time, those fees add up. A typical $15 fee on a two-week loan is nearly 400% interest on an annual basis.