Payday loans were virtually unheard of a few years ago, yet in the past two years or so numerous companies offering this form of finance have begun to advertise online, set up stores on the high street and even market their products through TV adverts. As such, most people have heard of payday loans even if they know little about them and have not taken one out. However, there are many people that have taken advantage of them to help them pay bills and make it from one payday to the next. Some of those people will tell you that they love them whereas others have gotten into a financial mess as a result of them, so should you consider taking out payday loans when you are struggling or not? Read on to find out more.
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So what exactly is a pay day loan? It is literally a relatively small loan, usually of less than £1000, that is approved by a lender and due to be paid back on a specific agreed date. It may be that you have an unexpected bill that you have not budgeted for one month or that you have expenses that exceed your income on a temporary basis. In either scenario, payday loans could get you the cash that you need quickly and enable you to pay it back when your next pay packet comes through.
As with all financial products available today, there are numerous advantages and disadvantages associated with pay day loans at the moment. Dealing with the advantages first, the main one is that payday loans can literally get you out of a tight spot. If you have no savings to draw on and need a small financial boost for a short term purpose then it can really offer the solution that you are looking for. Of course, there may be a fee and there will definitely be interest applied to the loan but this expense may be worth it if there is no other option. In addition, pay day loans companies do not discriminate against those with poor credit histories. In many cases, they do not even perform credit checks, instead asking only for proof that you will be able to afford to pay the loan back.
However, if something sounds too good to be true then it usually is and pay day loans certainly have their disadvantages. Firstly, as previously mentioned, there will be interest applied to the payday loan and it can be as high as 300% to 400%. That is only if you pay it back on time as well so imagine what it could end up costing you if there is a problem. This brings us neatly to another disadvantage. If, for whatever reason, you cannot pay the debt back then the interest will continue to be added along with charges and this will soon double or even triple the debt. Paying it off may therefore become impossible.
Whether or not you decide to take out one of the many payday loans that are available, you need to weigh up the pros and cons and make a decision that suits you. It may mean taking a big risk but as long as you are comfortable with that risk then it may well work for you. However, if there are other options, such as savings, friends, family or even regular loans then it is worth considering them too. Never rush into payday loans because they will definitely come back to bite you if you do. Instead, take your time and work out the best course of financial action for you.
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