Ask Dad: What is a Payday Loan & Why You Should Beware #loans #interest

In this episode of Ask Dad: Financial Edition, we break down what payday loans are, how they work, why they come with shockingly high interest rates (sometimes 400–500% annually), and who they target.We talk about:✅ What a payday loan actually is✅ Why they're not regulated like traditional bank loans✅ Real numbers: how 20% interest for 2 weeks = 500% APR✅ Why these loans often prey on low-income borrowers✅ Safer alternatives and what we'd love to see insteadIf you've ever considered a payday loan or are just trying to understand how money lending works — this is the breakdown you’ve been looking for.📈 Subscribe for more fast, honest financial lessons with The Financial Dad:https://www.youtube.com/@Thefinancialdad💬 Got a money question? Drop it in the comments and we’ll cover it in a future episode!📢 Disclaimer:This video is for educational and informational purposes only and does not constitute financial or legal advice. Please consult with a licensed financial professional before making financial decisions.#PaydayLoansExplained #TheFinancialDad #AskDad #LoanAdvice #PersonalFinance #PaydayLoanScam #HighInterestLoans #FinancialLiteracy #GenZMoney #MillennialFinance #HowInterestWorks #PredatoryLendingThe Financial Dad™ is a podcast for young adults and aspiring entrepreneurs to teach you the things you didn't learn in school or at home—from quarterly taxes to W9s to retirement plans to insurance and saving—we’ve got you covered.Hosted by:Tim Smith, CFP®, Bridget Sicsko (PR Strategist) + Hally Smith (Actress) *This is strictly for educational purposes and does not suffice as advice.* 👉Subscribe: https://www.youtube.com/@Thefinancialdad👀Follow:https://www.instagram.com/thefinancialdad_/ Website: https://thefinancialdad.com/✍️Trusted Resources:QuickbooksNotionRiverside