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Whilst payday loans may seem attractive due to their ‘instant’ nature, the interest and fees which often rise above 100% of the actual loan amount mean you’ll be taking two steps backwards. When your pay day does roll around, you now be short around double what you took the loan out for meaning that for this week or month, things may even tighter for you.
There are however alternatives that are really worth looking at, especially if you have considered or used these types of loans in the past.
Having to applying for a payday or paycheck loan should be your very resort. If you only need a small amount and can easily live without the repayment amount from your next pay then it may get you out of a sticky situation. It may even simply buy more time with the landlord for instance until you can apply for a personal loan – just remember that relying on this type of loan is likely to get you deeper into debt, and must be treated with extreme care.
