Payday loans and other costly borrowing

Payday loans, car title loans and some cash advance apps can be very expensive once fees are counted as a yearly rate. Many people end up borrowing again to repay the first loan.

Before you borrow

• Look at the total cost in dollars, and the APR
• Ask the company you owe for a payment plan
• Ask your credit union about small-dollar loans
• Check for local assistance programs (dial 211)
• Ask your employer about a pay advance

Learn more

ConsumerFinance.gov has plain-language guides to payday loans and your rights.

General educational information, not financial or tax advice. Cents and Common Sense isn't paid by any bank, lender or card company.