Payday Loans Not Worth It

AP

The Problem With Payday Loans

I've heard the sales pitch: rent is due tomorrow but payday is a week away, so get a payday loan now! It only costs $21 on $100! Twenty-one dollars on $100, on a two-week loan, averages out to an annual interest rate of well over 500 per cent! Do you really want to pay the loan back five times every year?