Pay day loans offer short-term credit at high rates. When you borrow with a payday loan, you pay a percentage of the dollar amount borrowed or a set fee per dollar amount borrowed. Lenders often charge between $15 to $50 for every $90 borrowed. If you decide to extend your loan through another pay period, you must pay the entire fee again. By doing this, you could easily end up using most or all of the money you borrowed to pay these costly fees.

Here are some tips to help you in the future so you will not need to resort to a pay day loan:

Make a realistic budget and figure your monthly and daily expenditures.

* Build some savings to avoid borrowing for emergencies or unexpected expenses.

* Contact your local consumer credit counseling service if you need help developing a monthly budget or working out a debt repayment plan with creditors.Ê There are non-profit groups that offer credit guidance to consumers.

Compare several of the links here and you will can see that rates vary considerably.