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As a personal finance writer, my social media feeds are flooded with content from personal finance influencers — or “finfluencers” — offering users the best tips for paying down debt, getting rich quick, and the like.

While some of this advice can be useful, I sometimes come across tips that make me do a double take. And not in a good way.

Here are some of the worst pieces of financial advice I’ve come across on my feeds — plus a few tips for avoiding bad money advice on social media.

Read more: Check kiting goes viral on social media. Is it bank fraud?

If you’re short on cash, get a payday loan

There’s a good chance you’ve come across ads for payday loans on social media promising fast cash with no credit check. According to the Better Business Bureau (BBB), these ads often target younger users who may not understand the risks involved.

Sometimes referred to as a cash advance, payday loans are short-term loans, usually for around $500 or less, that must be paid back within a few weeks. You might opt for a payday loan if you’re stuck in a paycheck-to-paycheck cycle and need to cover an emergency expense.

The downside: Payday loan providers charge exorbitant fees and sky-high interest rates. According to the Center for Responsible Lending, payday loan fees can equate to an APR as high as 662% in certain states.

Although a payday loan can seem like a quick fix to a cash flow crunch, these short-term, high-interest loans lead to a vicious cycle of borrowing to stay afloat.

A better option: Ask your service providers if they’re willing to offer a payment extension or a more flexible repayment plan. Credit cards offering interest-free introductory periods can also provide a short-term solution with a bit more flexibility than a payday loan.

For a longer-term solution, prioritize building up an emergency fund to cover your expenses in a pinch.

Watch: 3 ways to avoid living paycheck to paycheck

Renting is a waste of time and money

Homeownership is often touted as one of the best ways to build long-term wealth — and it is. However, owning a home comes with many costs and challenges, and it isn’t for everyone.

Yet some TikTokers claim that renting a place to live is essentially throwing money away and urge viewers to jump on the property ladder as soon as possible.

While this may be a viable option for some, saving up enough money for a down payment on a home can take time. As of June 2024, the median down payment on a house in the U.S. was $67,500, according to real estate company Redfin.

If you’re not in a position to purchase a home, renting can buy you the time you need to save funds for a down payment and move-in costs. It can also give you some time to pay down debt and improve your credit score in order to secure a more favorable interest rate on a home.

Luckily, there are a few ways you can save on rental costs as you prepare to become a homeowner, such as signing a longer lease, negotiating your rent with your landlord, or splitting your monthly rent with roommates. And if you’re not interested in buying a home at all, that’s OK too.

Read more: Can you save for a down payment and emergency fund at the same time?

Steer clear of credit cards

Credit cards often get a bad rap for leading to unmanageable, high-interest debt. That’s definitely the case for some people, but it doesn’t have to be for you. Credit cards can be a useful tool for building your credit score, financing larger purchases, and earning valuable rewards.

The key is to manage your credit card responsibly and strategically. You can put safeguards in place to keep credit card spending in check, such as setting account balance alerts, keeping your credit utilization low, and only charging what you can afford to pay off in full each month.

Of course, if you know you struggle with overspending or already have high-interest debt you’re working to pay off, a credit card may not be the best choice.

Read more: Strategies to pay down mounting credit card debt

Filing for bankruptcy is an easy solution to a debt problem

Certain finfluencers on social media tout bankruptcy as a way to wipe the slate clean if you’re struggling with mounting debt. Although bankruptcy can help you start fresh, it also has serious long-term repercussions for your credit and finances.

Bankruptcy is a legal process allowing individuals and companies that can’t pay their debts to seek relief from some or all of those debts. This may sound like a great idea, but it isn’t a decision that should be made lightly. Bankruptcy can also cause a massive drop in your credit score, loss of assets, extra costs in the form of attorney fees, and more.

If you’re in a bind and can’t get a handle on your debt, see if there are ways to rework your budget so you can make extra payments toward your balances and wipe out your debt for good. If not, see if your credit card company or loan provider is willing to work with you on an alternative payment plan. Options such as consolidation, refinancing, or debt settlement could also be viable alternatives with less severe consequences.

Read more: Money Basics: What is bankruptcy?

How to avoid bad money advice on social media

For every nugget of wisdom on our social media feeds, there’s a plethora of bad advice. Before taking financial pointers from anyone on social media, make sure you do your homework:

• Vet so-called experts and their credentials: Do some digging to figure out if the person offering you money advice has the background and experience to do so. Are they a certified financial planner or tax professional? Have they worked with clients in similar situations before? What makes them qualified to give you financial advice?

• Look for shady disclosures: If a social media post promotes a certain financial product, read the fine print to determine if the product is being promoted because it’s genuinely a good product or because it’s a paid advertisement.

• Know when to call in a pro: When in doubt, speaking with a professional debt counselor or financial advisor can help you get the guidance you need to make the most informed decision.