A grad student living paycheck to paycheck named John borrowed $50-$100 every month from the head of the University of Arkansas English department, Dr. Leo Van Scyoc, who was a beloved scholar and WW II veteran. As John’s employer Dr. Van Scyoc essentially granted him a payday advance at zero percent interest, out of his own pocket. John always paid back the loan when payday came, and he avoided the credit trap of payday loans.

Payday loans are notorious for their average high annual interest rates. According to the Consumer’s Union:

“Payday” loans are small, short-term loans made by check cashers or similar businesses at extremely high interest rates. Typically, a borrower writes a personal check for $100-$300, plus a fee, payable to the lender. The lender agrees hold onto the check until the borrower’s next payday, usually one week to one month later, only then will the check be deposited. In return, the borrower gets cash immediately. The fees for payday loans are extremely high: up to $17.50 for every $100 borrowed(1) , up to a maximum of $300. The interest rates for such transactions are staggering: 911% for a one-week loan; 456% for a two-week loan, 212% for a one-month loan.

So, if you like John, have a kind-hearted boss, you may be surprised to discover that he or she will help you out in a pinch. Of course, don’t abuse this privilege. When you get paid, pay back the advance.