SOUTH BEND, Ind. (AP) — Desperate for money to keep the lights on and provide her daughter with a few gifts last Christmas, Patricia Patterson turned to short-term lending. She had been there before.

Payday loans are often used as a fast solution in these moments because they provide quick access to cash without lengthy approval processes. Still, it’s important to approach them carefully: only ...

If you've ever taken out a payday loan, you know how quickly things can spiral with this type of debt. After all, these types of loans, which are marketed as a quick fix between paychecks, come with ...

For many years payday loans dominated the short term lending world. They offered quick cash to people who needed emergency money but at a very high cost. Traditional payday loans often came with ...

Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing ...