Did you know that some payday lenders, cash advance companies or short term lenders, including title lenders, charge 90% interest for a loan to be repaid over several years? However, that can be on the low end. Some lenders have charged interest rates that are 100% and higher. Yes, I have seen interest rates that work out to 125% or more. Having a degree in Economics, I thought I must be wrong. But I double checked with an Economics Professor and my math was right!
Compare these crazy interest rates to a cash advance on a credit card at 25% or 30% and it is significantly more expensive. Even if you borrow at 30%, you are saving 60% to 90% on the interest rate. Some quick math, means that you can be saving yourself a SIGNIFICANT amount of money. Talk to your bank or credit union and see if you can borrow money at a lower rate.