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Let's say I needed a loan of $425. If I went to a payday lender I would need to pay a 15% fee upfront, which would be $75. After that, I would write the lender a $500 check that they would cash on my payday at the end of that month and they would give me $425 in cash. If I could not pay that $500 in full at the end of the month, I would also have to pay additional fees. The Personal Finance iBook states, "Payday loans are incredibly expensive compared to personal loans" (Credit, 3). If I applied for a personal loan, I would have an APR of about 15% based on a good credit score (https://www.valuepenguin.com/personal-loans/average-personal-loan-interest-rates). If I paid this loan back by the end of the month I would only be paying $5.31 in interest, and personal loans tend to be more flexible with the time you have to repay them. Based on this information, I would choose to get this loan from a bank. In the end, I would be paying $500 if I chose a payday lender and $430.31 if I chose to get the loan from a bank, which is a $69.69 difference. According to the Personal Finance iBook, "Because of the high fees and finance charges associated with payday loans, there's a risk of falling into a long cycle of debt" (Credit, 2-3). Just from the price differences in my example, I can definitely see how payday loans can be so dangerous.

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Credit unions, local banks, and credit card companies are all sources of these loans.

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You will have to pay more fees if you don't pay off this entire loan on payday.

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A lender does check your credit score with this loan and each loan lowers your credit score a little bit.

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A lender doesn't check your credit score with this loan, so it will not be affected.

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A loan with a fixed interest rate and repayment period. This is also a short-term loan, but not so much high-cost.

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A loan that gives people the money they need to make it until their next paycheck. This is a short-term, high-cost loan.