Many people turn to a payday loan when they need a small amount of money for a short period of time. While the opportunity is available, you need to think twice before you head down this financial path.

Even if you have the best intentions, one slip up with a payday loan can cost you hundreds of dollars. Not to mention the fact that it can put unnecessary pressure on your financial life in the future.

Here are three of the main reasons to avoid a payday loan:

• Lender deception. With a credit card company or local bank, you know you’re dealing with a reputable lender. You can trust them to provide honest service and to answer any questions you may have. Unfortunately, this isn’t the case with most payday lenders, as all they care about is lending you money and making a profit in return.
• More expensive than other options. If you think credit cards have a high interest rate, wait until you see what you’re getting into with a payday loan. Payday lenders typically charge somewhere in the $15 to $20 range for every $100 you borrow.
• A difficult cycle to break. You take out a payday loan with the idea that you’ll never do so again. However, you soon find that it’s difficult to escape. Here’s why: you may not be able to repay the loan on the due date, meaning it costs you more money in fees. This leads to your debt dragging on for much longer than expected.

The best thing you can do is avoid payday lenders altogether. You may be tempted. You may even think you can get away with borrowing money “just once.” Before you make the decision to apply, compare the pros and cons to other options. This will typically lead to enough information to bring you to your senses.

Although buying a used car with cash may be the ideal situation, many consumers realize this is not reality. They soon come to the understanding that their only option is to take advantage of a used car loan.

If you find yourself in this position, it would be in your best interest to compare multiple loans. This is the only way to guarantee that the deal suits your every want and need.

Here are three tips for finding the best used car loan:

Start with the dealer. The dealer’s finance department can help you secure a loan. This is a good place to start, as you don’t have to do any of the work.
But here is what you need to remember: they may not be as thorough as you would like. So, while there is nothing wrong with starting here, you don’t want to end here unless you are 100 percent comfortable with the loan product made available to you.

Do your own homework. When the time comes, don’t shy away from contacting lenders on your own time. You can do this via phone or online. Either way, it gives you the opportunity to learn more about what is available.
Don’t be surprised if you find a loan that is more competitive than those offered by the dealer.

Make a checklist of what’s important to you. For some, the interest rate is the only thing that matters. Others, however, also focus on details such as the reputation of the lender and their customer service experience. With a checklist in hand, you can focus on the details that you consider critical.
Anybody can find “just any” used car loan, but you don’t want to stop there. You want to find the loan that is best for your situation.

There is never a good time to overspend on a credit card, but in some cases it’s the best way to secure the funds you need.

For example, if you’re facing a major car repair or medical bill, you may need money in a hurry. While you have many options, some are better than others.

During your search, you may come to believe that a payday loan is the best way to proceed. Not only can you get the cash you need, but there’s no wait period.

Of course, there’s more than what you see on the surface. The primary drawback of a payday loan is the super high interest rate.

Here are three reasons to choose a credit card over a payday loan:

• Reputable financial institution. With a payday loan, you never know who you’re dealing with. Since reputation and reliability are important when borrowing money, you never want to take a risk. You can be rest assured that your credit card company has a better reputation than any payday lender you come across.
• Lower interest rate. Even if you have average credit, it’s very likely that the interest rate attached to a credit card will be less than a payday loan. Payday lenders can do pretty much anything they want in regards to terms and conditions, so you really need to be careful about what you’re getting into.
• Just as convenient. If you already have a credit card, you can quickly use it to deal with anything that comes to light. You don’t have to contact your company, unless you’re interested in a cash advance.

Before you opt for a payday loan take the time to compare the finer details to a credit card. You may come to find that using a credit card is the better way to proceed, thanks in large part to the reasons detailed above.

As your parents age, it’s only natural to become more protective. This definitely holds true in regards to their finances, as you don’t want them to be taken advantage of.

Unfortunately, there are people out there who prey on the elderly. They realize they’re no longer as sharp as they once were, and are more likely to make poor financial decisions.

While you can’t be everywhere at all times, there are many steps you can take to protect your parents from loan sharks and predatory lending as a whole.

1. Educate Them

There’s a good chance your parents are still living in the past, not exactly realizing that there are people out to make a dollar off of them.

Do your part in educating them about loan sharks, predatory lending, and any other scams that could impact their finances.

The more information you provide the better off everyone will be.

2. Review Everything

You don’t want to come across as controlling, but let your parents know you’re willing to review every financial move they make (within reason, of course).

For example, before they secure a loan, help review lenders and terms to ensure that it’s a legitimate deal from a reputable lender.

3. Discuss Options

There may come a time when your parents feel cornered. They need money, and are willing to fall prey to a loan shark in order to get it.

You should explain that there are many financial options to consider, ranging from credit cards to personal loans among others.

There’s never a good time for anyone to feel that they have to do business with a loan shark.

It’s a scary world out there, especially when it comes to money. If you want to protect your parents from loan sharks and predatory lending, the three tips above should help you do just that.