high-interest loans

High-interest loans are borrowed funds that come with elevated interest rates, meaning the borrower must pay back more than the original amount over the loan term. These loans often target borrowers with urgent financial needs or poor credit histories, and the high rates compensate lenders for the increased risk. While they can provide quick access to money, they also carry the risk of quickly accumulating debt due to the steep interest costs. It's important to carefully consider these loans, comparing terms and exploring alternatives before borrowing.