Payday loans are a short-term, high-cost way to borrow money; 12 million Americans used them last year, often for one-off expenses like car repair or medical bills. According to the Consumer Federation of America, the loans typically run at about a 400% annual interest, and finance charges can range from $15 to $30 on a $100 loan.

There are now a growing number of efforts underway to help consumers avoid the need for those kinds of loans. One of them is Onward, a program still in pilot stage that allows workers to save small amounts of money over time, building a small nest egg for emergencies and creating credit.