Is A Payday Loan A Debt Trap?


For those of us who have been trapped in debt before; it's not fun! Credit cards, car loans, or borrowing from friends can make us feel like we are stuck in a financial black hole. A payday loan can make us feel the same way if we aren't careful.


What is a payday loan anyway? It's an unsecured loan that is short-term and doesn't require the borrower to have good credit or any credit for that matter. Payday loans, also called "cash advances" have become quite popular over the years because they are easy to obtain with a fast approval and funding process. If you have a job, are over 18, get your paycheck deposited directly into your checking account and meet the lender's minimum income qualifications, chances are you will be approved for one of these quick cash loans.


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