While some consumers are not familiar with using payday loans to cover occasional, short-term gaps in funds between paychecks, most consumers are familiar with overdrafts and the consequences that may follow. An overdraft may result in spiraling fees, an unstable budget and a negative mark on a credit score. There are options, like payday loans, to overdrafting an account. Here’s a brief exploration of how overdrafts occur and the available alternatives.

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