Payday loans look like short‑term cash advances, but they’re made to trap:
- $45 fee every two weeks (≈ 391% APR)
- Balance never drops unless you pay extra toward principal
- After 16 weeks: $360 in fees, and you still owe the original $300
Even if you manage $50 toward principal each period, you still pay $450 total — but at least you’re free in 16 weeks.
Legal loan‑sharking. Plain and simple.