Photo Credit: Tax Credits via Compfight cc

To poor or financially struggling Americans, the Payday Loan often seems like the only alternative to their cash flow problems.

Payday loans are those small loans that are advertised as an easy way for cash-strapped people to survive until they get their next paycheck.

These loans are available at payday loan stores throughout the country, more prevalent in economically depressed areas and big cities, but are gaining popularity on the internet.

The down side of these payday loans is the high price tag.

Finance charges for these small loans range from 15 to 30 percent of the amount that is being borrowed.

Since the 15 to 30 percent is for just a few weeks, it is comparable to a loan with an annual percentage rate of almost 800 percent.

Due to the fact that these payday loans are easy to get and don’t require the traditional credit checks, payday loan companies prey on people who are already in financial troubles.

A missed payment or inability to pay will result in even more debt problems for the borrower.

If you find yourself struggling with debt or would like to find out about becoming debt free, call Debthelper at 800-920-2262, or visit @ www.debthelper.com.