level 2 (Payday Loans)

What are payday loans?

• Quick loans with high interest rates
• Easy to get, but can lead to debt and worsen financial situation (Buy now, pay later schemes)

Who uses payday loans?

• around 12 million Americans per year
• People making under $40,000 a year
• Typically used by those already in a difficult financial situation

If you're considering a payday loan, think twice. It may seem like a quick fix, but it can lead to a never-ending cycle of debt!