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Let me make it clear about Payday Loans vs. Overdraft charges: Let’s Break it Down

Let me make it clear about Payday Loans vs. Overdraft charges: Let’s Break it Down

By Jessica Easto

Let’s check a scenario that is common 40 per cent of US adults experience… You’re low on funds yet still have few month-to-month costs to cover: your vehicle re payment, the electric bill, and a week’s worth of groceries for your needs. You will need about $500 to deal with the bare basics and make do until your next paycheck.

In all of these too common circumstances, you could look to payday loans—a short-term, high-interest, small-dollar loan promoted as crisis money to tide them over until their next paycheck once they will pay it well. (more…)

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