Avoiding Payday Loans
"Most payday loans are packaged as short-term loans for temporary needs with 15 percent annual percentage rate for two weeks. However, if the borrowers fail to pay back the money and renew the repayment term for a year, they can end up being charged as much as 400 percent annual percentage rate."- Medill Reports of Northwestern University
"Most payday loans carry extremely high fees that equate to an average annual interest rate of 391 percent."- USPS Office of Inspector General
WestHawaii: States Look To Crack Down on Payday Lenders
NewYorker: What Good are Payday Loans?
Bankrate: 4 Alternatives to Payday Lending