Photo: Getty ImagesPayday lenders prey on low-wage workers who live paycheck to paycheck, charging exorbitant rates for financial quick-fixes.

Although that perception is prevalent among many employers, it’s far from the complete picture. No one is immune from financial stress that can create problems for businesses and employees alike.

“We encounter financial distress at all levels of pay grade, with larger debt problems typically with manager-level, six-figure-salary employees,” says Adam Potter, president of SimpleFi in Palo Alto, California. His company offers alternative solutions to payday loans.

Employees turn to quick solutions for any number of reasons. Many who built two-income lifestyles when times were good suddenly had to live on one income or one full-time and one-part time job during the recession. Others had to make tough decisions that hurt their credit ratings. Consumers often rely on payday loans because they have either been turned down for other forms of credit or offered less than what they applied for, according to a study by the Credit Research Center at Georgetown University’s McDonough School of Business.

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