INDIANAPOLIS — The cost of borrowing money can be expensive.said"buy now, pay later" plans could be a good fit for something like a broken-down appliance. Buy now, pay later loans, including Affirm or Klarna, help borrowers spread out their purchase.
"That way you don't have to drain your savings, and then not have cash available to meet your other financial obligations," Rathner said. Another type of quick loan is a"Some banks will offer what are called small-dollar loans to existing customers. These are just like they sound just small loans and oftentimes a significantly lower interest rate," Rathner said.Other banks may instead charge a flat fee for a certain dollar amount.
When comparing any loan product, compare the interest rates and whether or not they are fixed, fees, the loan length and late payment penalties. Rathner said it is important to understand your financial situation, and your ability to pay that money back."You could be charged late fees, or penalty interest rates at some in some instances," Rathner said."It can get very expensive to take on debt when you don't necessarily have a plan to pay that debt down.