Payday Loans – Good Or Bad – Whats The Solution?
Payday loans are very short term loans that are designed to provide a solution to a short term cash flow issues, such as being caught out with an emergency just days before payday when the bank account is pretty much cleaned out. There are pros and cons to payday loans, and although these loans often get bad press, they are useful in some circumstances. However, it is important to remember that the APR on these loans is very high, and although it may seem as though you are not paying much if you only take out a payday loan for one month and then repay it, many people get stuck in a rut whereby they roll over the loan from one month to the next, and incur hefty fees each month, and is similar to the high costs involved in using a service such as a pawn broker.
If you have a genuine emergency and you are short of cash, but you are confident that you can repay the money once your salary comes in, then a payday loan can prove to be an effective solution. The amount that you can borrow is usually relative small for a loan – often between 50 and 1,000. You will usually need to repay the money within 28...
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