LOAN INFO

FOUR LOANS TO AVOID AT ALL COST:

If you have a less-than-stellar credit score, you CAN still get a loan. But should you? Most loans you'll qualify for will be for small amounts of money, and they'll come with a VERY high interest rate. Here are four specific loans you should avoid at all cost . . .

#1.) PAYDAY LOANS. They have an annual percentage rate of 400 percent or higher, and you have to pay them back as soon as you get your next paycheck. But most people CAN'T pay them back, so they end up paying an additional fee to renew the loan.

-Payday loans are usually for $500 or less. Only get one if it's your last resort.

#2.) CAR TITLE LOANS. You'll only get about 50 percent of what your car is worth, and if you default, the bank will take the car. The APR is about 300 percent, and if you don't pay it back within a month, you'll have to pay expensive fees to renew the loan.

#3.) CASH ADVANCES. If you take cash out on your credit card, the interest rate will be at least 20 percent. The APR on purchases is almost always lower than the APR for cash advances. But credit card companies make you pay off your purchases FIRST. --So you'll be stuck with that higher interest rate for a while. At least until February, when Congress's new lending laws kick in.

#4.) 401(k) LOANS. Most people can borrow up to half of their 401(k) balance, or $50,000 . . . whichever is lower. But doing it can wreak havoc on your retirement plans. --And if you lose your job, you'll have to pay income tax on the money you took out, PLUS a 10 percent early withdrawal penalty. (WalletPop.com)