If you don’t have money to pay a bill, what are you to do? The majority of Americans use payday loans to fill the gap despite the excessively high-interest rates – 400 percent on average.
Payday loans are more for people who don’t have great credit. If you have a great credit score, then a personal loan may be the better option as opposed to a payday loan.
Moneycomms product scrutineer Andrew Haggar likes the idea people can get their credit score, which is something all lenders should consider doing.