Payday loans are short-term, high-interest loans typically meant to be repaid on your next payday. If you’ve ever needed a payday loan, you probably know that some of their practices are predatory. Still, 12 million Americans take out payday loans annually. These loans often take advantage of individuals who are in a financial pinch and need money fast. Interest rates are astronomical, and missed payments can lead to financial ruin. So, it’s not surprising that there are many horror stories out there. Here are eight stories that we couldn’t believe are even legal.
