Payday loans have notoriously bad press and they should be treated with curtain. This is because the interest rates are very high. Payday loans should only be used for short term borrowing to solve a small financial solution and should not be used for long term borrowing or solving any debt problems you might have. As payday loans are so easy to get hold of this makes them potentially dangerous particularly for those who are already in debt. There can also be some hidden fees and charges that you should watch out for. You shouldn’t use payday loans regularly as they are expensive.
You must make sure there is money in your account on the say that the loan us due to be repaid because you will have to pay additional charges if lenders cannot collect your payment when it is due. The problem with payday loans is that the risk of ending up in a debt situation is increased. Despite being able to extend paying back the loan you will continue to pay the interest which can accumulate. There may also be other costs for missing payments and you could find yourself in a tight spot before you know it. You should not apply if you do not think that you can repay the loan. Failure to repay a loan could damage your credit score, leave you with difficult debt and can even result in legal action.