Payday loans have earned a terrible reputation for getting consumers deep into a debt trap that's nearly impossible to get out of. You'd think a payday loan is easy to pay off. You just have the loan taken out of your next paycheck, right? Wrong.
When your cash is stretched and you're barely making ends meet, having money taken out of your check is the last thing you need. So, when the loan's due date comes around, you pay another fee and extend the loan. Then you do it again. Next, you take out another payday loan to repay the previous payday loan. It becomes a vicious cycle - one that you don't want to get caught in.
There are ways to solve your short-term money issue, without turning them into a long-term problem. See 15 Payday Loan Alternatives to find out how you can get out of a sticky situation and avoid getting into an even stickier one.