But odds are that cash advance or payday loan will come at an extremely high price - and trap the borrower in a cycle of long-term debt. That’s the consensus of government regulators and consumer advocates nationwide, who characterize the high-interest, short-term loans as debt traps for unsuspecting consumers. For two-week loans, those rates translate to annual percentage rates of 390% to 780%, the Consumer Federation of America reports. They’re likely to be more concerned with their debts than the cost of the cash they’re getting to pay them - until they find themselves paying interest week after week in an unsuccessful attempt to pay off the loan. That’s what happened to a Queens woman who stumbled onto an offer from a payday loan provider when she clicked a pop-up ad online. read more

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