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What Is a Payday Loan and How Does It Work?

A payday loan is a high-cost, short-term loan. Payday loans are considered by some states to be “predatory” in nature, so you should educate yourself about alternatives before taking a payday loan.What Is a Payday Loan?A payday loan is typically a small loan—less than $500—that is intended to be paid in full within two weeks,... Read More

Interest Rate vs. APR

If you’re in the market for a personal loan, you should develop a strong financial vocabulary to better understand your options.  Interest ExplainedInterest is the price you pay a lender to borrow money. Businesses, even banks, are in the business of making money, so they charge interest to make a profit. Interest rates are reported in... Read More