Payday loans are sometimes considered when a person is struggling to balance their income and expenditure. More often than not, this is occurs on a month-by-month basis, although some people resort to them to make ends meet if theyve had to suddenly lay out money for something they hadnt bargained for an emergency, for example.
These kinds of loans are usually for smaller amounts than, say, a traditional loan with borrowings usually less than $2000 or 1000. They can be granted instantly so that they can hit your account the same day in order to meet other financial obligations and the money usually has to be paid back within a month of it being lent. So, in principle, they seem like a good idea for borrowing small amounts of cash over a short period but the reality is they are very expensive and there are probably other alternatives that are available to you.
As an example, if youre only borrowing a couple of hundred pounds each month, the interest you pay on that sum for a payday loan might not seem too extortionate but if you work the interest out over an annual basis, it can add up to a rate well in excess of 1000% ! If you consider that an unsecured loan...
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