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Payday loans are also called cash advance loans, deferred deposit loans, post-dated check loans, or check advance loans. They are short-term, high-interest loans. People who use these loans tend not to have access to other types of lending, and this is a last resort to get them through to the next paycheck.

Many states consider these loans predatory because of their high interest rates and financing fees. Some states place caps on the fees and interest rates or ban this type of lending completely.

Read on to find out what a payday loan is, how they work, and other options for those who need a short-term loan or cash advance.

What Is a Payday Loan?

Payday loans, also known as cash advances, are high-interest, short-term loans, typically for $500 or less. They are notorious for having very high interest rates and fees. There are few payday loan requirements, but borrowers typically need to be over 18, have a checking account in good standing, and show that they earn a secure income.

Consumers can find these types of loans through online lenders, apps, and local brick-and-mortar merchants. The loan amount is typically paid back by direct debit once the borrower receives their next paycheck. Alternatively, loans may be secured with a post-dated check.

How Does a Payday Loan Work?

Consumers fill out an application with a lender and show proof of identity, a recent pay stub, and a bank account number if required.

Borrowers have to secure the loan with a post-dated check or agree to have the funds debited from their account when they are paid, usually in two weeks. Loans are usually between $50 and $1,000, and funds are deposited within a day or two. Borrowers can also receive cash.

People with bad credit and access to better financing tend to use these loans to help them get by temporarily. However, payday loan problems are well-known: High interest rates and exorbitant fees can trap someone in spiraling debt if they cannot repay the loan on time.

The Consumer Financial Protection Bureau states, “More than four out of five payday loans are re-borrowed within a month, usually right when the loan is due or shortly thereafter.” Borrowers then face even higher financing fees and interest rates compounding their debt load.

Many states place caps on the interest rates and fees charged for payday loans; some states, such as New York, have outlawed them completely.

What Are the Requirements for a Payday Loan?

Most working adults qualify for a payday loan. Here are the most common standards.

Age

Borrowers must be at least 18 years of age.

Proof of Income

Applicants have to show proof of income, such as a pay stub.

Citizenship

Consumers may have to show proof of U.S. citizenship.

Bank Account

Borrowers need to have a bank account that is in good standing.

Payday Loan Interest Rates

Depending on the state, interest rates for payday loans can carry a 400% annual percentage rate (APR) or more.

In states that cap interest rates on payday loans, lenders may instead charge a fee that is a percentage of the amount loaned. Finance charges can be between $15 and $30 for each $100 borrowed.

Payday Loan Amounts

Payday loan amounts are usually $100 to $1,000. In some states, a borrower is allowed only one payday loan at a time. Other states, like Texas and Nevada, offer unlimited payday loans for customers.

Alternatives to a Payday Loan

Rather than take out a high-interest payday loan, there are better options for people in a precarious financial situation.

Credit Cards

If the borrower has a credit score, using a credit card is a safer bet than a payday loan. The average credit card interest rate is around 22%, while payday loan interest can be over 400%. However, if the borrower needs the cash to pay bills such as rent or utilities, that is often not possible with a credit card.

Cash Advance Loans

A cash advance loan puts cash immediately into your bank account. These loans are offered by online lenders, such as Earnin or PayActiv. These companies don’t charge loan financing fees but ask for “tips.” So, a borrower might tip between 5 and 15% of the advance. These apps are often marketed as payroll benefits, and they charge membership and service fees.

TSP Loans

A TSP account is a tax-deferred retirement savings and investment plan that offers Federal employees the same tax advantages as a 401(k) retirement plan. If you have a TSP retirement account, you can take out a loan from that plan without having to pay tax or penalties. However, you must pay the amount back to the account within five years with interest (which will be much lower than the interest on a payday loan).

Personal Loans

For consumers with a good credit score, banks and online lenders offer unsecured or secured personal loans. Unsecured loans are not backed by any collateral and will have a higher interest rate than a secured loan, but not as high as a payday loan.

Unexpected expenses can be paid for with a personal loan and at a lower interest rate. Many people take out personal loans to pay off credit card debt because the interest rate on a personal loan is less than the interest rate paid on their credit card debt. Getting approved for a personal loan isn’t hard if you have good credit.

Loan payback terms can be between two to seven years, with loan amounts typically between $1,000 and $50,000. If you manage the payments on a personal loan responsibly, you can build up a strong credit history. That is not the case with a payday loan, which is not reported to credit rating bureaus.

Recommended: What Is a Personal Loan?

The Takeaway

Payday loans are short-term loans that cash-strapped consumers use to get by until their next paycheck. The borrower is expected to repay the loan on their next payday, or they may submit a post-dated check. Interest rates are extremely high because of the risk to the lender that the borrower will default. Unfortunately, this is often the case, and borrowers can find themselves spiraling into debt as interest and fees accumulate. For this reason, many states have banned payday loans.

Payday loans are probably the worst option for quick cash. But a SoFi Personal Loan offers fixed, competitive interest rates on loans from $5K to $100K. And there are no fees ever.

FAQ

What are the requirements to get a payday loan?

Most working adults qualify for a payday loan. A borrower needs to be 18 or over, show proof of income (a paystub) and citizenship, and have a bank account.

Is proof of income a requirement for a payday loan?

A lender requires proof of income because they want to know you have the means to pay the loan back. A recent pay stub or similar documentation is typically enough.

Is taking out a payday loan a good idea?

Basically, no. A payday loan should only be used as a last resort, and if you are sure you can pay back the loan in two weeks. Even then, the interest you will pay will be much higher than a cash advance or a short-term loan from an online lender.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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Today’s burgeoning bathroom trends range from bold color palettes to high-tech functions. Whether you’re gut-renovating a primary bathroom or freshening up a powder room, you’re bound to find plenty of inspiration at all price points and levels of difficulty.

Keep reading to find bathroom remodel ideas for 2022, plus tips on how to budget for the home spa of your dreams.

8 Bathroom Ideas for 2022

The dominant bathroom trends for 2022 skew modern in nature with clean lines, organic materials, and a lot of warm, natural wood. At the same time, some homeowners are taking cues from their grandmothers, incorporating throwbacks to the 1960s with pink tile and patterned wallpaper. Whichever route you take, there’s little denying these bathroom ideas 2022 have a little something for everybody.

For a deeper dive into the topic, check out our guide to bathroom remodels.

1. Opt for an All-in-One Shower and Bath

Price: Moderate
Difficulty: High
Style: Contemporary

Functionality is at the forefront of many homeowners’ minds. And what’s more functional than a bathtub that doubles as a shower? It saves space and can be more economical than adding two separate bathing areas. Prepare to spend $1,100-$5,500 to remodel a shower alone, whereas a shower-tub combo costs around $1,400-$1,600, including fixtures and modifications.

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2. Choose Earthy, Organic Styles

Price: Low to Moderate
Difficulty: Moderate
Style: Contemporary

Gone are the days when subway tile was the only way to decorate a shower enclosure. In 2022 bathroom trends, tile is more tactile and natural. To mix things up, consider stacking tile vertically during layout, then enclosing it with a horizontal border.

Homeowners are opting for wooden tile for an organic look, often complementing it with white floor tile. Also on the rise: other natural materials in earthy tones that give the bathroom a sense of warmth.

3. Bring the Outdoors In

Price: Low
Difficulty: Easy
Style: Contemporary

In addition to earthy tones, homeowners are adding more plants to their bathroom spaces. Lush greenery is an economical way to mimic the feel of a resort spa. In addition to floor and counter planters, consider hanging plants from the ceiling in locations that enjoy natural light.

If you’ve got the budget to spare, merge indoors and out via a glass wall and outdoor rain shower.

4. Add Twin Showerheads

Price: Low
Difficulty: Moderate
Style: Contemporary

Adding side-by-side showerheads is one of many shower remodel ideas you may choose to add to your bath remodel. Not only does it add symmetry to your shower, but it allows more than one person to shower at a time. That can come in handy if you have children you’re trying to bathe simultaneously, or spouses who get ready for work at the same time.

5. Incorporate Creative Storage Solutions

Price: Moderate
Difficulty: Easy to Moderate
Style: Contemporary

If you live in an apartment or own a home with smaller bathrooms, finding new ways to add storage is at the top of many homeowners’ priority list. Perhaps you have an unused nook where you can add built-ins for toiletries and linens. Or you can replace a floating vanity with one that has under-sink storage. Built-ins and custom cabinetry can cause your bathroom budget to balloon, but they’re often worth the investment if space elsewhere in your home is at a premium.

6. Switch to a Bold Black Palette

Price: Varies
Difficulty: Easy to moderate
Style: Contemporary

Black is back in bathroom trends 2022. Taking a page out of Scandinavian design (which is fond of mixing black with natural wood), interior designers are using black walls, floors, and stone to make a strong statement. Even bathroom fixtures are skewing dark with matte black tubs and faucets.

Love black but don’t want your entire bathroom to be a single color? Use black sparingly instead — on floor tile, a wooden wall covering, or a sink and toilet combo — and incorporating gold fixtures.

7. Go All Out with Color and Pattern

Price: Varies
Difficulty: Moderate
Style: Traditional

On the flip side of the sleek black trend is Grandma’s bubblegum-pink bathroom. Adding a splash of color to your bathroom is one way to up the wow factor. Dare to go all pink — from a clawfoot tub to dusty rose floor tile to a blush-dominant floral wallpaper. Or simply add a pink toilet as a statement piece. Want to test out this bathroom trend but wary of going too pink? Modern wallpaper patterns (think: flamingos and palm leaves) and geometric tile are two ways to walk the line between traditional and modern.

8. Go High-Tech

Price: Moderate
Difficulty: Moderate
Style: Contemporary

As home technology continues to advance, so do homeowners’ desires to operate everything via apps and devices. Many homeowners opt for wall-mounted digital interfaces that operate everything from the shower heads to stereo speakers. Adding heated flooring and high-tech bidets are also among the top bathroom ideas 2022.

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How To Budget for Your Bathroom Reno

When researching materials, start with what you know you need: tile, faucet, paint, etc. For things like tile and paint, plan on purchasing 20% more than your square footage requires. Then consult DIY sites to make sure you include all the necessary incidentals to complete the project. For a DIY tiling project, for example, you’ll need grout, a grout float, thinset, sealant, drop cloths, etc. (Here’s some info on how to keep inflation from blowing your reno budget.)

The most expensive part of a bathroom reno is labor. If you’re hiring a contractor to do the work, expect 75% of your budget to go to the contractor(s). That’s because full bathroom updates require a number of specialists, such as plumbers, electricians, and tile installers. Even for smaller updates, a general contractor can cost $50-$75 an hour. (Learn more about how to find the right contractor.)

Finally, experts recommend adding a 20%-30% cushion to your overall budget to cover any unforeseen issues.

Keep Resale Value in Mind

The good news is that bathroom updates do increase your home’s value — but there are limits. Typical updates recoup about 70% of their cost, while upscale renos have a lower ROI of about 60%, according to the 2022 State of Remodeling in the U.S. survey.

The upshot: You’ll enjoy a better bang for your buck by keeping updates modest and avoiding anything too trendy or unique (ahem, black bathtub).

Consider Your Financing Options

Before you commit to any of these bathroom remodel ideas, you’ll need to figure out how you’re going to finance your home improvement project. A personal loan, credit card, savings, or HELOC are all ways you might finance your bathroom remodel. No matter how you pay for your bathroom upgrades, it’s wise to weigh your options and compare terms, conditions, and interest rates upfront.

The Takeaway

Some bathroom trends for 2022 are on the practical side, such as creative storage and side-by-side showerheads. Others are more daring, like switching to matte black fixtures. Whichever way your tastes lean, make sure you have the budget to do things right. It’s what’s behind the walls that really matters — to your family and potential homebuyers.

Don’t rely on credit cards to fund your reno. With a home improvement loan from SoFi, you can borrow up to $100,000 at a competitive fixed rate, and with no fees. So there’s no need to cut corners on your dream bathroom.

Personal Loan Tips

Tip 1

If you don’t have the cash to renovate or remodel your home, one financing option is a personal or home improvement loan, which can be faster and easier to secure than a construction loan.

Tip 2

In a climate where interest rates are rising, you’re likely better off with a fixed interest rate than a variable rate, even though the variable rate is initially lower. On the flip side, if rates are falling, you may be better off with a variable interest rate.

Tip 3

Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.

Photo credit: iStock/LeoPatrizi

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Seattle may be best known for rain and coffee, but it has so much more to offer and can make a terrific vacation destination. Popular things to do in Seattle include riding to the top of the Space Needle, visiting the Museum of Pop Culture, and strolling through the Chihuly Garden and Glass Museum. Seattle also has a few fun and unique things that you can’t find in most other cities, like the Gum Wall at Pike Place Market.

If you’re thinking you might like to head west to visit this city, check out this advice on the top things to do in the city, plus advice for making your visit a smooth, exciting, and memorable one.

Best Times to Go to Seattle

Spring, summer, and early fall are the best times to go to Seattle, with summer travel being the most popular. Temperatures during these times are pleasant, in the high 60s and low 70s, and there’s little rain.

There are plenty of festivals happening in the summer, too, which might be fun to check out while in Seattle, including:

•   Beyond Wonderland electronic music festival (June)

•   Northwest Tune-Up bike, beer, and music festival (July)

•   Capitol Hill Block Party music and arts festival (July)

•   Watershed country music festival (August)

Bad Times to Go to Seattle

Seattle is known as the “rainy city,” and fall and winter can be chilly and wet. November and December are the rainiest months of the year in Seattle.

However, if you’re on a budget, hotel prices may be lower during the winter. If you’re looking for how to save money on hotels in Seattle and you are focusing on indoor activities, then going during the off-season can be an affordable option.

Average Cost of a Seattle Vacation

Seattle can be an affordable city to visit, depending on how you travel. Typically, a one-week stay will cost around $1,364 for one person and $2,728 for two. Plan on daily costs of around $195. Some specifics to note:

•   A hotel in a central location like Downtown Seattle, near Pike Place Market, can be over $400 a night during peak season.

•   If you’re looking for cheaper hotels, then try neighborhoods outside of central Seattle, but you may need to rent a car for these.

•   If you’re saving up money ahead of time for a Seattle vacation trip, you may be wondering where to keep your travel fund. High-yield savings accounts and regular savings accounts are two popular places to keep your funds.

•   Although “book now pay later” travel options may be tempting, it can be more financially responsible to save money ahead of time so that you don’t pay extra in interest.

If you’re thinking about booking a trip to Seattle but are worried that you may have unforeseen circumstances and have to cancel your trip, you can look into travel insurance. If you pay for your trip with certain credit cards, they may provide travel insurance for certain situations. You should understand how credit card travel insurance works when deciding whether to purchase private travel insurance or use your credit card protections.

10 Fun Must-Dos in Seattle

There is a lot to do in Seattle, and fortunately, it’s a fairly walkable city. There are buses, streetcars, a light rail system, a monorail, ferries and water taxis to help you get around.

The following recommendations for the top 10 fun things to do while visiting Seattle are culled from frequent visitors to the city, residents, and the top-rated attractions based on online reviews. Ready? Here are some must-see destinations in the city.

1. Scale the Space Needle

Perhaps Seattle’s most visible iconic structure, the Space Needle was originally built for the 1962 World’s Fair. From the top, you can see incredible views of the city through the glass walls of the structure.

The Space Needle is located in the Lower Queen Anne neighborhood. It’s open year-round, and hours vary by day and time of year; depending on the time and ticket type, costs vary between $22.50 and $42.50. Discount bundle packages are available for tickets for the Chihuly Garden and Glass Museum and the Space Needle. spaceneedle.com/

2. Stroll Through Pike Place Market

Pike Place Market is Seattle’s most famous market and is the most visited landmark in the city. The market is famous for fish, which has been sold there open-air since 1930, and you may know of the tradition of the catch of the day being thrown around by fishmongers. But the market also hosts many other vendors selling things like jewelry, artwork and clothing, plus all kinds of food, from candied salmon jerky to freshly fried donuts.

Pike Place Market stretches across nine acres within Seattle’s central business district. It’s one of the best free things to do in the city. Hours vary but most of Pike Place Market is active from 10 am to 5 pm, with some restaurants staying open later for dinner and some opening earlier for breakfast. Pike Place Market is open 7 days a week except for Thanksgiving and Christmas Day.

Pike Place Market is also home to the famous Gum Wall, which is a wall within an alleyway that is completely covered in chewing gum. The Gum Wall started in the 1990s when local patrons and performers would stick their used gum on the wall. It’s now a popular photo location.

Pike Place Market can get quite crowded, especially on weekends, so plan accordingly. pikeplacemarket.org/about-pike-place-market/plan-your-visit/

3. Gaze at Gorgeous Glass

The Chihuly Garden and Glass museum is a unique museum that showcases the work of renowned glass artist Dale Chihuly, who lives in Seattle. Both indoors and out, the museum shows off Chihuly’s brilliantly colored, fancifully shaped works which have been exhibited around the globe. The outdoor garden blends plants and flowers with glass pieces intertwined.

The museum is located next to the Space Needle at Seattle Center in the Lower Queen Anne neighborhood. It’s generally open from around 10 am to around 6 pm year-round. Depending on the date and ticket type, costs range from $22.50 to $37.50. Discount bundle packages are available for tickets for the Chihuly Garden and Glass Museum and the Space Needle; you may want to put these costs on your favorite kind of plastic and earn credit card rewards. chihulygardenandglass.com/

4. Find the Fremont Troll

This famous troll statue, which is 18 feet tall, is under the Aurora Bridge in Seattle’s cool, indie Fremont neighborhood. It’s a fun photo-op, for sure, but you can also have fun popping into the neighborhood’s vintage stores and boutiques.

5. Take a Beneath the Streets Tour

Here’s one of the best things to do in Seattle for adults: Take a Beneath the Streets Tour. You’ll go underground and learn about the Red Light District. Basically, you’ll be immersed in the city’s early history of prostitution, drinking, gambling, and crime, which provides a fascinating glimpse at forbidden aspects of Seattle’s past, if you’re game for that.

The tour is available 7 days a week, except for Christmas day, with ticket prices running in the $25 to $27 range. beneath-the-streets.com/

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6. Visit the Ballard Locks

Take a visit to the busiest lock system in the nation: The Ballard Locks (ballardlocks.org/) link the Puget Sound with Lake Washington and the Ship Canal. You can picnic nearby or just hang out and watch boats rise and fall with the waters of the lock system as they navigate to their next destination. It’s a cool, free thing to do while in Seattle. If you’re there in the summer, you can see the famous Salmon Ladder (ballardlocks.org/fish-salmon-ladder.html) in action, as three species of the fish rush through the network of water “ladders” to spawn upriver. Visitor Center hours vary by date.

7. Plug into Pop Culture

Here’s a fun thing to do in Seattle: Pop into the Museum of Pop Culture, or MoPOP, where you can learn more about culture today and in the recent past. Exhibits cover such tops as rock music (hello, Nirvana and Pearl Jam!) and science fiction and fantasy worlds.

The museum is open daily except for Wednesdays, between 10 am and 5 pm. Ticket prices vary by date, typically between $26.25 and $30.25. mopop.org/

8. Ride the Great Wheel

Want a stunning view of the city, plus a fun ride? The Seattle Great Wheel, located on Pier 57 in Seattle, ought to do the trick. It’s one of the largest Ferris wheels in North America, standing 175 feet tall and extending 40 feet out over Elliot Bay, so it’s quite literally a top thing to do in Seattle.

Bonus: It features fully enclosed, air-conditioned gondolas so you can climb aboard, no matter what the weather. As you go around, you’ll enjoy sweeping views of the city, the Pacific Ocean, and the Olympic Mountains, gaining an appreciation for the city’s unique location and its beauty.

The Seattle Great Wheel is open daily from 11 am to 9 pm. It costs around $12 for youth to $17 for adults. seattlegreatwheel.com/

9. Wander Through the Washington Park Arboretum

Here’s a great free thing to do in Seattle: Act like a local, and spend a few hours in the Washington Park Arboretum’s 230 acres. It’s home to a stunning array of trees, plants, and flowers, including some that are found nowhere else in the Northwest. Located on the shores of Lake Washington, the arboretum is open during daylight hours year-round for free. Leashed dogs are allowed in most areas, so if you’re traveling with pets, the Arboretum may be a fun thing to do on your Seattle vacation trip with your pet. botanicgardens.uw.edu/washington-park-arboretum/visit/

While you’re there, don’t miss the Japanese Garden, which is considered one of the best examples of its kind outside of Japan. It’s a beautiful place to stroll among plants, moss, a koi pond, winding paths, stone lanterns, and a meadow area. Admission is $6 for kids and $10 for adults. seattlejapanesegarden.org/

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10. Sip Some Local Wine

California isn’t the only West Coast state known for its wine: Washington is, too, and Woodinville, about 30 minutes from downtown Seattle, is a great place to see and taste for yourself. (You may want to rent a car or explore car services and/or public transportation to get there.)

You’ll find more than 100 wineries and tasting rooms in Woodinville to explore. Winery hours and prices vary, but you can have fun sampling the different varieties produced so close to the city.

The Takeaway

Seattle is a great city with so much to do. Whether you want to explore its natural beauty, eat amazing food, check out museums, shop, or get schooled in its history, you’ll have plenty of options.

SoFi Travel is a new service offered exclusively to SoFi members. Earn 2x rewards when booking with your SoFi Mastercard or debit card. Then apply those rewards to your next trip when you book through our travel portal. SoFi makes planning a getaway fast, easy, and convenient — perfect for people on the move.

FAQ

What are things to do in Seattle at night?

Seattle has many things to do at night. There are numerous restaurants, bars and clubs throughout the city. The Beneath the Streets Tour would also be a fun and unique activity to do at night. The tour covers underground Seattle and the Red Light District, and may be best suited for adults, as topics include prostitution, drinking, gambling and crime.

What are some things to do in Seattle for kids?

Seattle has a lot to offer for kids and families who are visiting. The Seattle Great Wheel is a popular attraction among children. Finding free activities can be how families afford to travel. Seattle also offers plenty of free or cheap attractions, like visiting the Fremont Troll or watching boats at the Ballard Locks.

What are unique things to do in Seattle?

Seattle has a few fun and unique things that you can’t find in most other cities. Some uniquely Seattle activities include visiting the Gum Wall at Pike Place Market or taking a tour of underground Seattle with the Beneath the Streets Tour.

Photo credit: iStock/Sean Pavone

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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