Economy Rockford: The PayDay Loan Debate

23 News financial expert Brad Gummow says a cash advance is one of the easiest ways to get money, but the decision is costly. The loans are intended to bridge the gap between your next paycheck, and nearly 40 percent of people who use these services are on a fixed income or retired. While payday loans may lead to some quick cash, many borrowers repeatedly roll over the loans, which could sink them even deeper into debt.

Generally, for every 100 dollars borrowed expect to pay a $20 fee on top of the amount borrowed.

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