Updated: May 7, 2021, 9:48am Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn t affect our editors opinions or evaluations. Getty
If you need money fast to cover an emergency or essential living expense, you may be tempted to take out a payday loan.
These loans are often easy to get some lenders won’t even check your credit score. However, because of their sky-high fees which can be equivalent to annual percentage rates (APRs) as high as 400% you should avoid this type of loan. You should only use it as a last resort.