In a perfect world, youd have a robust rainy day fund for lifes curveballs. But many people live paycheck to paycheck and arent prepared for surprise expenses. A 2012 study from the Financial Industry Regulatory Authority found that 40% of Americans would have a hard time pulling together $2,000 within 30 days to handle an emergency.
Even though most people have multiple options in such situations, many turn to one of the costliest short-term financing methods around payday loans. Before you go down that road, learn why payday loans should be avoided, plus some of the best and worst alternatives.
Via: NerdWallet
High cost
Payday loans are small, short-term loans that ar…
Read the full article at: https://www.nerdwallet.com/blog/loans/payday-loan-alternatives-dodge-debt-trap/