Desperate times can push anyone to seek fast cash—but payday lenders are not your friend. While they might seem like a quick fix in an emergency, they often come with sky-high interest rates that trap borrowers in a dangerous cycle of debt.

• Many payday loans carry APRs as high as 300% or more. That’s not a typo—it’s triple your original loan.

• In comparison, even pawn shops—while not ideal—often charge significantly less.

• These lenders count on you rolling over your loan again and again. Before you know it, a small $300 loan could end up costing over $1,000.

If You Absolutely Must Use One…

If you’re in a true emergency and have no other option:

• Borrow only what you absolutely need.

• Have a plan to repay the full amount within a week or two.

• Don’t treat it like income. It’s debt—with claws. 

• Payday loans often prey on vulnerability. You deserve relief, not a financial trap.