The good and the bad of payday loans
Posted on May 28, 2010
Filed Under Credit, Loans, Personal Finance | Leave a Comment
What have you read about payday loans? Do you hear only bad stuff ? The truth about payday loans is endless, there are good things and there are terrible things. I have created a list of goods and bads regarding payday loans so make sure you read everything about them before you choose whether or not to use them .
Pros
If you need a fast cash loan then payday loans are what you need . They are the quickest way to get a loan.
More and more people prefer payday loans over personal loans because of the ease of getting them and the way you can work with them .
Payday loans are all over , and some are also online and open 24 hours per day .
All you need is a job in order to get one . These places just want to make sure you have an income in order to pay the money back.
They are simple to understand and there isn’t a wait for the cash , you get it then and there.
Cons
Highest interest rate of any possible loan.
Usually paid back in a couple weeks.
Charge a high rate because the people who usually use them lack the proper credit to get a normal personal loan.
Normally charge between 15-20% or the amount lended .
As you can see there are lots of pros when it comes to payday loans, but the cons are all about interest and the money you will have to pay back in addition to what you borrowed . The reason I still love these loans are because the pros outweigh the cons. If all you were after was a quick loan than a payday loan is what you want. But if you want a decent loan that has an unbelievable interest rate then stay away from payday loan places, because this is not what they are about .
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