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Payday loans seem like a great idea if you’re short on funds.
Payday loans seem like a great idea if you’re short on funds. But payday loans can be an expensive type of short-term loan to fund your purchases.
According to the Consumer Federation of America¹, the average payday loan costs 400 percent in interest for a two-week loan. You could rack up charges ranging anywhere from 390 to 780 percent APR. And that’s a significant amount of interest for a very brief loan.
Fortunately, payday loans aren’t your only option if you need cash now. There are alternatives – and many Australians don’t even know they exist. Here are just a few of those options, all of which may be a better option for your finances than a payday loan.