Being stuck in a financial bind is stressful, and having bad credit can make the situation feel even worse.
Whether you need money fast to keep the lights on, pay for doctor visits or buy groceries, you might think your only option to stay afloat is to take out a payday loan.
A payday loan may be able to help you keep the lights on as a last resort — but it’s a tradeoff. Payday loans typically have high fees and difficult repayment terms. Taking out a payday loan today could make it harder to get out of debt down the road.
Before you commit to payday loans with bad credit, let’s look at how they work, the possible consequences of using payday loans to bridge money gaps and some alternatives to payday borrowing.