Inflation has come down especially hard on people already struggling to put gas in their tanks and groceries in their refrigerators. For many, a payday loan may seem like the only way to get necessary cash.
In recent years, however, as more states set restrictions on risky, short-term loans, new lenders offering lower-cost small loans have cropped up, making it easier than before to find an affordable loan that won’t drag you into unmanageable debt.
In some states, new laws mean better loans
There is currently no federal law for maximum interest rates on small-dollar loans; rather, states decide whether to cap payday loan rates. As a result, the cost to borrow a few hundred dollars often depends on where you live.
In recent years, four states — Colorado, Hawaii, Ohio and Virginia — have passed laws…