All over the country, payday loan businesses seem to be popping up promoting “fast cash now.” While technically legal in most U.S. states, these payday lenders have quickly gained a bad reputation for predatory behavior. Unfortunately, many payday loan customers have no idea how badly they are being taken advantage of, or that there’s now a whole range of better alternatives available.
How payday loans work
Despite their less than stellar reputation, payday loans are not all that bad. The idea behind payday loan businesses is to make short-term stop-gap loans to working customers when an unexpected expense arises between paychecks.
For example, a customer that lives paycheck-to-paycheck may not have budgeted their last paycheck for unexpected car repairs. Without a working car, some people can’t get to work or get their kids to school, but a payday loan can solve this problem by providing a cash advance on a future paycheck. Payday lenders make short-term (often one or two-week) loans, which in theory should serve as a convenient last resort when unexpected expenses arise.
A 4,214% loan? What?
Unfortunately, partly due to predatory business practices and partly because of customer ignorance, payday loans often do…
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