The 6 Most Common Pitfalls of Payday Loans, and How to Avoid Them #infographic

The 6 Most Common Pitfalls of Payday Loans, and How to Avoid Them #infographic

Approximately 12 million Americans depend on payday loans each year to cope with income volatility and unexpected emergencies. While payday loans are used to deal with a very real problem, fraudulent payday lenders are also taking advantage of clients. It is not uncommon to read horror stories about individuals who paid more than 1000 percent APR or were caught in debt traps due to minimal oversight and lack of better choices.

Once a person is trapped with constant rollovers and hidden charges in a downward spiral of debt, they can easily see their credit ruined and bank accounts drained, especially if they take a loan from a particularly unscrupulous lender. Payday loan tactics such as hidden charges, rollovers and unreasonably high interest rates have led 22 countries in the U.S. to completely limit or ban payday loans.

The 6 Most Common Pitfalls of Payday Loans, and How to Avoid Them #infographic

infographic by: www.lendup.com

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