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According to the Pew Charitable Trusts' Safe Small-Dollar Loans Research Project, which was done in 2012, the average payday loan in the United States is for $375 at an annual interest rate of 391 percent. This means that if a payday loan was not paid at all for a year, then the amount owed would nearly quadruple.
It's that time of the year again. Your scheduled routine car checkup has come. The service attendant informs you that your car needs repair and it will cost $500. This wouldn't normally be such a big deal except that this month you just took care of your kids' tuition fees for the whole year.
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