MAY 2014 EDTN 65 JCC NEWSLETTER
Short Term Payday Loans
Payday loans are short term loans that are often used to get through a rough spot. Unfortunately, there are very few situations in which these loans actually end up being helpful. Before you use one, make sure you understand the costs and risks. Here’s a quick overview of how payday loans work, and ideas on how to avoid them.
If you can’t repay your payday loan when it comes due, you can “roll it over” so that the loan is extended. You don’t
have to repay it, but fees keep accumulating.
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