The Good, the Bad and the Ugly of Payday Loans

Payday loans can be excellent short term financial options for people who are short on cash.  However, payday loans can look really attractive when you need money but end up being more expensive than you think and down right ugly when you are unable to pay them back.  This is why you need to know the pros and the cons of taking out a payday loan.  If you have all of this information beforehand, you will be able to make an educated decision about whether or not a payday loan is right for you.  Many people know that they are in need of money and they will turn to any source out of desperation.  This can end in borrowing from payday lenders who practice poor payday lending which can create heaps of trouble for you. Payday loans are desirable because even people with poor credit ratings can have access to these loans.  Payday loans are short term cash advances which come in amounts from $50 to $2500.  They are typically paid back in a 2 week period when your next paycheck comes.  Most payday lenders do not create any hassle when it comes to taking out a payday loan.  This means that they do not ask you why you need the money and they do not check your credit ratings which makes payday loans pretty desirable for people who have used up their other lending options such as credit cards and cash advances through their bank. Payday loan servicesare also extremely quick.  you may need your money now to pay a bill tomorrow.  You can not take money out that fast through a traditional loan.  This is one of the greatest advantages of taking out a payday loan.  However, the cons of payday lending come in terms of the high interest ratings.  Most payday loan interest is extremely high, being anywhere from $10 to $35 dollars per $100 you take out.  This interest is accumulated over a 2 week period, which means the actual Annual Percentage Rate (APR) can actually be in the thousands. Many borrowers fall into debt because they do not realize just how much they have to pay back, which can lead to taking out more payday loans just to get through the next month.  After a while, a borrower is swimming in a pool of debt.  Payday lenders are infamous for lending to people who are poor and uneducated and prey on them.  Most people are able to pay back their loans, especially the more they understand about payday loans. Payday loans are extremely popular for the obvious reasons.  Payday loans can be excellent if you are responsible about taking them out and paying them back.

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