Today’s Money: The pitfalls of payday loans

Posted by Jean

It may be a fast solution for those in need of extra cash, but a payday loan isn’t without its pitfalls. The interest rates can be as high as 600%, and studies have shown that the average payday borrower takes out nine different payday loans over the course of a year, so this interest rate, plus additional fees, can add up. For more information on these tricky loans, check out the video clip below.

 

Visit msnbc.com for breaking news, world news, and news about the economy