Topic

Payday and short-term loans

Payday loans, title loans, cash-advance apps and overdrafts: what a fee for a few days costs as a yearly rate, what rolling over does, and the cheaper options to ask about first.

Before you borrow

Ask whoever you owe for a payment plan or a later due date. Utilities, landlords, hospitals and many lenders have one.
Call 211 or visit 211.org for local help with rent, utilities and food.
Ask a federal credit union about a payday alternative loan (a "PAL"): $200 to $2,000, one to twelve months, with the rate capped at 28%.
If you already have a payday loan, ask the lender about an extended payment plan before the due date. Some states require one at no extra cost.
A nonprofit credit counsellor (nfcc.org) can go through the whole budget with you, usually free.

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