Are short-term loans (or also called "payday loans") good or bad? This is a pretty tricky question. On the one hand, this is very fast money that can be borrowed even with low wages and bad credit history. On the other hand, such cash advances carry high interest rates. Therefore, people turn to them only when absolutely necessary. For example, when the bank refused to issue a loan to you, and you need money in the coming days for some urgent needs: car repairs, rent payments, buying medicines, etc.
As you understand, each person decides for himself whether he should use short-term loans or not. We would like to sanctify another question, namely: in which states of the United States payday loans are legal, and in which they are prohibited. As of September 2021, payday loans are prohibited in 14 states. In addition, in the states where they are allowed, there are limits on the maximum amount of a cash advance. We have collected all this information in this infographic.
Created by N.M.P.L. (NearMePayday.Loan)