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Why is a payday loan a bad idea?

A payday loan is a very short-term loan that comes with easy approvals — but also outrageous APRs (we’re talking like 300% or more). While they may seem like the only option in a financial emergency if you have poor credit and no savings, their sky-high interest rates mean they typically do more harm than good.

Best peer-to-peer lending sites for borrowers and investors

Overall, Prosper is the top P2P player in the game, with a wide range of loan and investing options. New players like SoLo Funds offer a unique approach for borrowers, with no fees and optional tipping. And Kiva is a hybrid lender with a mix of lending and crowdfunding offering 0% loans to small businesses.