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If you have to pay a fee in advance for a guaranteed loan or credit card — you’re dealing with a rip-off.
This video shows what happens when someone makes just the minimum payment on a credit card balance.
Companies selling payday loans often charge high fees and interest rates. Consider other ways to borrow money, and compare the costs between your options.
MALE VO: Need cash fast?
If you’re thinking about getting a payday loan, you may want to think again. Companies selling these loans often charge high fees and interest rates, making the loans VERY expensive.
BEFORE you get a payday loan, consider other ways to borrow money. Ask yourself:
MALE VO: And don’t stop there — compare the costs between your options. Ask the companies:
MALE VO: So if you need some cash in a flash, remember — you may have options besides EXPENSIVE payday loans. Check out ftc.gov to learn more.
A tip from the Federal Trade Commission, the nation’s consumer protection agency.
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