Why $700 Payday Loans Won’t Pay for Solar (But These Financing Options Will)
Stop before considering a payday loan for solar installation. While you can get $700 here, borrowing $700 at typical payday loan rates (400% APR or higher) creates a debt trap that undermines the very financial freedom solar energy promises. A $700 payday loan can balloon to over $1,000 in just months through rollover fees and interest—money better invested in your clean energy future.
Solar installations typically cost $15,000-$25,000, making payday loans woefully inadequate and financially destructive for this purpose. The math is straightforward: payday lenders expect …
