This is crazy! Did you you know that it’s estimated that more than 12 million Americans take out a payday loan each year?
Most of you know that payday loans can cost you a pretty penny if you get in a cycle of constantly having to rely on them. In fact, many payday loans carry annual interest rates of up to 400%. Since the average payday loan consumer takes out 9 loans a year, it can add up to scenario where your paying more in interest than you’re actually loaning.
With that in mind, we’ve put together a cool infographic that explains 7 alternatives to taking a payday loan out….
Tell us what you think in the comments below. Have you ever had to take out a payday loan? What was your experience like?
Edwin Taivonen writes about payday lending legislation in the USA on http://localcashguide.com/, where you can find tips on how to stay safe when taking a loan and make the most of various cash advances. Follow him on Google+ and Twitter.