Buying local and emergency loans

Buying local could help a favorite small business survive the pandemic. Meanwhile, people who don’t have savings may be tempted to take out emergency loans to cover unexpected expenses. But these small dollar loans can come with high interest rates and short repayment terms, leading to a debt trap. Send us your money questions! Email [email protected] or call or text the NerdHotline at 901-730-6373. And visit www.nerdwallet.com/podcast for more info on this episode. Learn more about your ad choices. Visit megaphone.fm/adchoices