Payday Loans – The Good the Bad and the Ugly

There is so much news and media Coverage at the moment about Payday Loans and it’s a scary thought to think how much some of those lenders are charging in Interest. I’m one of those who has suffered from debt in the past and I can see the benefits why people use them and also the downfalls too.

The Good

For those people that are in desperate need of the cash quickly, these short term cash loans can really help without having to either go into your overdraft and sometimes pay more fees as the interest can be higher believe it or not than those from a Payday loan company. They can also be beneficial to those that don’t want to tie themselves into a larger loan for a term where they could end up paying back more. The other advantage is that they provide you the cash the same day more often than not. Some lenders will even accept people with bad credit history and this can be a good way to rebuild your credit score.

The Bad

Lets not beat around the bush. The rates are massively high, some even go as high as over 4,000% APR. Well at the lower end of the scale they can be nearer to 1700%. Don’t let this scare you though as although it sounds like a load of interest, its APR which is over the year, however you are not taking the loan over the year, but over 20-30 days usually until you next get paid.

The Ugly

Watch out for those scam companies and those charging the highest interest rates. Some lenders who aim to help students but advertise old grannies spring to mind. Although they might not be scam they are not helping in the way that other lenders are.

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