A payday loan gets you a small but quick cash advance on your next paycheck. Payday lenders boast, "We make it easy and fast to get your cash when you need it most!" But they don't tell you their interest rate is an average of nearly 400%.
At Doan Law Group, we have seen clients with payday loans with interest rates of 1,000%!
This is usury, and usury is evil. It enslaves you and creates a vicious cycle of borrowing that quickly drags you into the deepest pits of debt. But banks get away with it because they have the money to lobby the lawmakers, whereas you can't, because all your money is going to pay the banks.
Stay away from payday loans! Payday loans are evil! Period. Or, rather, exclamation point!