Are There Alternatives to Payday Lending in the United States?

Loan Shark Sign
Photo by oddsock

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, 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.

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