Payday Loans Can Lead to Damaging Cycle of Debt

Short-term loans, often called “payday loans”, are typically advertised as perfect for those with bad credit, who may not qualify for personal loans from traditional lenders like banks or credit unions. However, payday loans are dangerous for a variety of reasons. Borrowers should take caution before using this option.

Image via Unsplash/Ehud Neuhaus

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