Reported 3 days ago
Payday loans may seem like a quick solution in times of financial distress, but experts warn they often lead to devastating long-term consequences due to exorbitant interest rates and hidden fees. With annual percentage rates that can soar above 400%, borrowers can quickly find themselves trapped in a cycle of debt, paying more in fees than the original loan amount. Instead of turning to payday lenders, consider building emergency funds, seeking advice from financial professionals, or exploring alternatives like local credit unions for short-term loans.
Source: YAHOO