MALE VO: Need cash fast?
If you’re thinking about getting a payday loan, you may want to think again. Companies selling these loans often charge high fees and interest rates, making the loans VERY expensive.
BEFORE you get a payday loan, consider other ways to borrow money. Ask yourself:
FEMALE VO:
- Can I get a loan from a bank or credit union?
- Can I get more time to pay my bills by talking with creditors or a credit counselor?
- Do I have any money saved that I can use?
- Can I borrow money from family or friends?
- Can I use a credit card instead?
MALE VO: And don’t stop there — compare the costs between your options. Ask the companies:
FEMALE VO:
- What’s the annual percentage rate?
- what are the fees?
- how soon must I repay the money?
- what happens if I can’t repay?
MALE VO: So if you need some cash in a flash, remember — you may have options besides EXPENSIVE payday loans. Check out ftc.gov to learn more.
A tip from the Federal Trade Commission, the nation’s consumer protection agency.