Staying more frugal than foolish is increasingly complicated. Sources for financial advice no longer come from a few trusted sources, and in the realm of the 24-hour news cycle, there are more and more venues for amateur advice. On this Monday's Central Standard, our CA$H MONEY CLIQUE discusses where to turn.
Payday loan shops provide small, short-term loans. A typical loan ranges in size from $100 to $500, and must be repaid within two weeks. The industry contends that such loans help people pay for unforeseen expenses.
But many people believe that such loans are harmful because of the amount of interest charged. In the state of Missouri, the average APR on payday loans is above 400%.