PayDay loans are good and bad. Good because when paid back in full on time, they can help you meet financial needs when you come up short. However, when you borrow a PayDay loan, make sure you can pay it off in full when it is due, if not, you may end up paying up to 300% interest rates on the loans. Ouch! Sounds like a loan shark. Well, because of that high interest rate, some states have banned PayDay loans altogether. This INFOGRAPHIC shows which states have said no to PayDay loans. See if your state is on the graphic.
This infographic was made by the team at loans.org
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