The short-term, high-rate loans intended to be a lifeline could end up dragging borrowers under. The loans are easy to get, but have to be repaid in two weeks at annual rates topping 300 to 400 percent. It solves your problem today, but it doesn’t solve the problem down the road,” said Cornell University’s Robert Frank. Some lenders say they’re getting a bad rap for helping people in a pinch. One credit counselor suggests even a cash advance on your credit card is a better option. read more

Filed in: Cash Day Advance