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Is a Payday Loan the Right Alternative?

Written By 30/01/2013

There is no doubt that it can be a nightmare having to survive the burdens of everyday life and getting entangled in a web of debt. It is often a major struggle just to survive and keep your head above water. At these times we just need that bit of help to get us through, but we don't always have someone to turn to, and even then that can be embarrassing! Payday loans can definitely be a good route to take because they are taken out over a much shorter time frame than other types of loans. It is merely a means to an end to help when everything becomes just too much to handle.

Any reputable provider should have their rates clearly displayed plus their annual percentage rate which is often shown as APR. This will make it easier for you to work out the exact amount you will need to repay so you can make your plans accordingly. These figures are often shown in their FAQ’s (frequent answers and questions).

Because these are short term loans, the loan will be completed on your next due pay day. However a credit card may encourage you to only pay the minimum required amount meaning that interest will accumulate which can sometimes lead to even more problems.