If the holiday spirit led you to overspend this season and nowyou’re left squeezing your remaining dollars until payday, don’tresort to a payday loan as a solution, a University of Georgiafinancial expert warns.”Payday loans are VERY expensive credit,” said Michael Rupured,an Extension financial management specialist with the UGA Collegeof Family and Consumer Sciences. “Payday loans, also known as “cash advance loans” and “directdeposit loans”, generally target low-income, less educated, andnon-English speaking people, said Rupured. Think long and hard before you sign upThe best advice for someone looking for a short-term loan is toevaluate the options and the consequences. “Think long and hard before considering a payday loan as anoption,” Rupured said. “Other options include borrowing from arelative or friend, bartering for the needed product or service,or saving to purchase at a later date.” By Sharon OmahenUniversity of Georgia Unbelievably high annual percentage rates”The Annual Percentage Rate on these loans, on average, rangesfrom 300 to over 1000 percent,” he said.The requirements for these loans are minimal; you must havea checking account, a steady job and earn at least $1000 a monthin income. The loan funds are typically deposited directed intoyour checking account. “In most instances, people who cannot get a loan from atraditional lending institution will be approved for a paydayloan,” Rupured said. “However, these people may have seriousproblems paying back a high-fee loan so fast. The fee is often$20 to $30 per $100 borrowed.”Once the term of the loan has been reached (usually when youreceive your paycheck), the company withdraws the loan amount,plus a fee, from your bank account. “In many cases, the borrower can’t pay back the loan because hispaycheck will not cover the amount borrowed and the fee,” hesaid. “Borrowers may then get a loan extension, which adds morefees and puts them into deeper debt.”
Redshirt freshman quarterback Sam Darnold continues to rack up silverware after a breakout rookie season, this time being named first-team Freshman All-American by the Football Writers Association of America on Monday.Darnold adds the accolade to his Rose Bowl offensive MVP, Archie Griffin Award and Pac-12 Offensive Freshman of the Year honor. He is the second USC signal-caller in history to be named to the team after Todd Marinovich in 1989.During a season that catapulted the 19-year-old into national relevance, Darnold racked up more than 3,000 passing yards to go with 31 touchdowns (and just 9 interceptions). His historic Rose Bowl performance was the cherry on top, as he threw for five scores and accounted for nearly 500 yards of offense. He didn’t throw a single incompletion as he led the fierce Trojan comeback in the fourth quarter.The FWAA also selected head coach Clay Helton as the First Year Co-Coach of the Year alongside Virginia Tech’s Justin Fuentes. Helton’s job security was under scrutiny after USC’s slow start to its 2016 campaign, but a nine-game winning streak to end the season (USC’s longest since 2008-09) put all doubts to rest.Achieving a famous Trojan trifecta for just the 13th time in the program’s history, Helton led his squad to wins over UCLA and Notre Dame this fall in addition to their Rose Bowl victory.Helton also coached his team to wins over both eventual Pac-12 finalists, Colorado and Washington — the latter of which was later selected to the College Football Playoff. In addition to his first-year coaching honors, Helton is a finalist for the Paul “Bear” Bryant Coach of the Year Award, which will be handed out on Wednesday.