BBB: Risks of payday loans
Tips on for avoiding the risky payday loans
Published: Sep. 26, 2022 at 10:20 AM CDT
MONROE, La. (KNOE) -According to the Better Business Bureau payday loans are risky because borrowers have to contend with sky-high interest rates and hard-to-pay fees.
Consumer advocate Jo Ann Deal with the BBB said payday loan fees were initially made to be paid back entirely on your next paycheck. Deal said most payday loans have rollover fees and percentage charges that make it difficult to pay back.
Deal said to understand payday loans better -- you should check the lender’s license, find out how much you will receive and do your research. She added by saying payday loans are dangerous and it’s better to borrow money from someone you know.
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