I'm supposed to write about payday loans. But due to my insufficient knowledge about finance, one of my good friends, Wikipedia has been sought after to help me with this topic.
"A payday loan or paycheck advance is a small, short-term loan that is intended to cover a borrower's urgent expenses until their next payday. Typical loans are between $100 and $1500, are usually on a 2 week term, and usually have interest rates in the range of 390 percent to 900 percent (annualized)." - Payday loan, Wikipedia.
Pretty much explains a lot doesn't it?
Yep.
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