{"id":17157,"date":"2019-02-22T17:01:52","date_gmt":"2019-02-22T22:01:52","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=17157"},"modified":"2023-06-06T10:57:48","modified_gmt":"2023-06-06T15:57:48","slug":"3-of-the-worst-ways-to-borrow-money","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/3-of-the-worst-ways-to-borrow-money\/","title":{"rendered":"3 of the Worst Ways to Borrow Money"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">Forty percent of adults don\u2019t have enough money saved to cover a $400 emergency.\u00a0 So, if things were to hit the fan (and they inevitably will), they\u2019d have no choice but to borrow money.\u00a0 While some people turn to friends and family for help, others prefer to take out a <a href=\"https:\/\/en.wikipedia.org\/wiki\/Loan\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"loan (opens in a new tab)\">loan<\/a>. However, not all loans are created equal. There are some that will have your wallet begging for mercy. Here are three of the worst ways to borrow money.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Payday loans<br \/><\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Payday loans have a bad reputation for a good reason.\u00a0 Yes, you can get money quickly, but you\u2019ll be charged a ridiculous amount of interest.\u00a0 The average <a href=\"https:\/\/en.wikipedia.org\/wiki\/Annual_percentage_rate\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"APR (opens in a new tab)\">APR<\/a> is about 400%.\u00a0 Keep in mind that with a credit card you usually only pay 12-30%.\u00a0 How payday loans work is you write a post-dated check for the amount you\u2019re borrowing plus the fees and you\u2019ll get paid on the spot.\u00a0 Some places allow you to give them access to your bank account instead which is a terrible idea, don\u2019t do it.\u00a0 On your next payday, the lender can either cash the check you wrote, or you can roll the loan over to another pay period at an additional cost.\u00a0 Unfortunately, only 14% of borrowers are able to repay their loans.\u00a0 Most payday loans are rolled over or followed by another loan within 14 days&#8230;and that makes the amount of interest you have to pay grow.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Auto title loans<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">If you\u2019re short on cash and own your car outright, getting an auto title loan may sound like a good idea.\u00a0 With this short-term loan, you put your car up as collateral in exchange for money.\u00a0 If you fail to repay the loan, the lender can seize your car. Unfortunately, this is how the story ends for one-in-five borrowers.\u00a0 What makes title loans risky is the sky-high interest rates.\u00a0 The APR for single payment loan is 300% and 259% if you pay in installments.\u00a0 Only 12 percent of borrowers are able to repay their loan in one shot.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Credit card cash advances<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">One of the \u201cperks\u201d of owning a credit card is that many issuers allow you to get a cash advance.\u00a0 Simply dip your credit card into an <a href=\"https:\/\/en.wikipedia.org\/wiki\/Automated_teller_machine\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"ATM (opens in a new tab)\">ATM<\/a>, enter your <a href=\"https:\/\/en.wikipedia.org\/wiki\/Personal_identification_number\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"PIN (opens in a new tab)\">PIN<\/a> and you\u2019ll get your money.\u00a0 The process is easy, but cash advances are expensive.\u00a0 The average APR is 24% and the interest starts accruing immediately.\u00a0 You\u2019ll also be required to pay a cash advance fee.\u00a0 Depending on the card issuer, the fee may be a flat rate or a percentage of the advanced amount.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>File your taxes fast and ez.\u00a0 Biggest possible refund, guaranteed.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Forty percent of adults don\u2019t have enough money saved to cover a $400 emergency.\u00a0 So, if things were to hit the fan (and they inevitably will), they\u2019d have no choice but to borrow money.\u00a0 While some people turn to friends and family for help, others prefer to take out a loan. However, not all loans [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":17192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-17157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 of the Worst Ways to Borrow Money<\/title>\n<meta name=\"description\" content=\"Some people have no choice but to borrow money. However, not all loans are created equal. 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