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Career Question of the Day

CQ#45: I have bills to pay before my next payday. Should I get a loan?

By Working World | Login to save as favorite | Send to friend | Print this article


Quick Answer:

Unfortunately, payday loans, whether handled by personal check or wire transfer, are a very expensive way to obtain credit. Interest rates often run as high as 400 percent calculated annually. They can run even higher. Very few states regulate this type of lending, and efforts to control rates and practices on the federal level have met formidable resistance. Military employees are the only category of worker protected by a cap of 36 percent on loans they negotiate. Read on for other options.


Longer Answer: See Full Article

The Truth About Payday Loans by Elizabeth Hanink

 

This article is from WorkingWorld.com