Interest rates on payday loans

Interest rates on payday loans are often very high, and they can quickly become unmanageable. Borrowers should always try to explore alternatives before taking out a payday loan. However, in some cases, payday loans may be the only option. In these cases, borrowers should carefully compare interest rates and fees from different lenders to find the best deal. Additionally, borrowers should make sure they can afford to pay back the loan on time so they don’t wind up in even more debt.