Are Payday Loans Always Dangerous?
Payday loans are becoming an increasingly controversial issue in the press, with horror stories for £100 loans turning into thousands. But should they ever be considered over ‘normal’ loans ?
People are becoming increasingly short of cash, and living beyond their means, occasionally forcing them to turn to payday loan companies.
Companies make getting a payday loan incredibly easy, often with no credit checks and the money can be in your account within a matter of minutes. Very tempting for someone struggling to make ends meet.
For others, where they would have made cutbacks and simply have made do, they take payday loans to maintain their spending lifestyle.
Payday loans are short-term loans, offered for an average of 2 weeks to a month to see people through a particularly financially strained month. With most companies just requiring details of your bank account, it is quick and easy to maintain.
Of course there has to be drawbacks, with high interest rates on your loan and even higher rates if you fail to make your payments. An interest rate of 25% can soon shoot up to 2000% once you miss your payment date.
In all honesty, the answer to this should be never. However, for some a payday loan may be their only available option.
For those people you should ensure you DEFINITELY can make your repayment date for the full amount plus the interest accrued. If you think there is the slightest possibility you won’t make the repayment come payday, don’t touch a payday loan. Soon your small loan can spiral into unmanageable debt.
If you are 100% sure you can and will make repayment dates and you have considered ever other option, there are several steps you must take.
Pay Day Loan In Minutes - News
Companies make getting a payday loan incredibly easy, often with no credit checks and the money can be in your account within a matter of minutes. Very tempting for someone struggling to make ends meet. For others, where they would have made cutbacks
Before we open this hearing, I will take a few minutes to discuss the payday lending market and our role in overseeing it. Let me stress again that this is a field hearing. We came here to listen, to learn, and to gather information on the ground that
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