What is a payday loan or cash advance loan?
A payday loan or a cash advance loan is a loan for a short time. You may pay a high fee to borrow the money, even if it is for a week or two. A payday loan or cash advance loan can be very expensive. Before you get one of these loans, consider other ways to borrow.
What are some other ways to borrow money?
You might be able to borrow money from:
- family or friends
- a credit union or bank
- your credit card
You might ask for more time to pay your bills. You can talk to a credit counselor to get help.
What if I’m in the military?
If you are in the military, the law protects you and your dependents. The law limits the interest rate on payday loans. The law also tells lenders to give you information about your rights and the cost of the loan. The military also offers financial help and help managing your money.
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