Lifestyle

41 Everyday Scams That Are Tough To Avoid

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Payday loans

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It’s upsetting how many of the everyday scams on this list seem to prey on certain segments of the population. Payday loans, or fast cash or cash advance loans, are one of the worst. These lenders prey on financially vulnerable people who are in a bind, and they make it seem so easy to get some quick cash. When you’re desperate, you’ll do what you have to do. When people go to payday lenders to borrow a small amount of cash, usually for an emergency that popped up or an unexpected bill that came in the mail, they can wind up paying huge fees in interest. Then the lenders come calling asking for the full amount of the loan plus interest (interest rates for payday loans can be anywhere from 400-5000%, really) and these people are in a worse financial situation than they were before. If you live paycheck-to-paycheck and need every cent of that check to pay your bills, you’re going to be hurting in a big way come payday. Sometimes taking the late fee is a better option.

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