There I said it Payday Loans can be a good thing providing you are sensible and pay it off in time and don’t get caught up in a loop of extending the loan. I’ve had debt problems in the past and I can see the pros and cons so I thought I’d share them with your.
The huge interest rates can be off putting but think about the following advantages:
- Get the Cash in your bank account the same day, when you need it for those emergency situations
- Help for those people that suffer from bad credit
- Helps to improve your Credit rating
- Saves you from going overdrawn and paying huge bank overdraft fees which can work out more costly
- The loan can be a short term cash loan which saves from paying off a loan for several years ahead and possibly end up paying back more
- You can borrow as little as Â£100 and pay it back in a short time meaning you don’t have to get yourself into bad debt.
So although there is a lot of bad press about Payday loans they can help you repair your bad credit history and they don’t have to he a debt nightmare.