We live in a world where it’s easy to get a little behind on bills. When the money isn’t there to cover what you have to pay, it can be tempting to apply for a payday loan to make up the shortfall. But before you sign on the dotted line, it’s important to know how payday loans work, and what to consider before applying A payday loan is a small, short-term loan, usually for less than $500. They are meant to be repaid when you receive your next paycheck. It may seem like an easy solution to an immediate financial need. However, these loans often carry very high interest rates and excessive fees. In fact, the Consumer Financial Protection Bureau (CFPB) reports that the average borrower pays $520 in fees to get $375 for a two-week loan. You can use this loan for paying a bill, or to cover an unexpected expense. You can get these loans from a bank, a credit union, or a private lender. Not all lenders are created equal. Some lending institutions charge high fees ...