Payday Loan
Due to their high costs, payday loans are often considered a last resort for borrowing money, and many consumer advocates warn against using them except in extreme emergencies. Alternatives to payday loans may include personal loans, credit card cash advances, or asking family and friends for help. It’s important to carefully weigh the costs and risks of any type of borrowing before taking out a loan. Payday loans are usually small, ranging from a few hundred dollars to a few thousand dollars, and are intended to help individuals cover unexpected expenses or bridge the gap between paychecks.