Oct 4, 2008

The tough economy is making it harder to pay the bills, and many Valley residents are turning to payday loans.

They do offer fast cash, and many times, you don't need good credit to get one.

But be aware of the interest: The typical annual percentage rate for payday loans in Nevada is between 300% and 500%, depending on the length of the loan.

Some consumers say they have no other choice.

"The trick is to not have it out there a long time where you're paying the interest back on what the original principal was," said Jae Allen, who recently paid off a $600 payday loan.

Debt counselors warn against taking out multiple payday loans, or your financial situation could get worse.

Source: ktnv.com