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WESST Farmington TrainingAvoiding the Payday Loan Trap: The Risks for Businesses During COVID-19

Pay Day Loans

Has COVID-19 created financial stress on your business or personal finances? Are you feeling trapped? Do you see the quick fix of getting a payday loan as appealing? Be cautious, payday loans are risky for your business. They’re one of those financial arrangements that’s incredibly easy to get into, but painfully difficult to get out of.

A payday loan may seem like the only option in a financial emergency if you have poor credit and no savings, but this option can be more harmful than good. Find out how these loans are risky for your business and learn some alternatives you can apply to help your financial emergency during COVID-19.