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Are payday loans meant to help people in times of emergency or just to trap them into a cycle of debt?
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Payday loans are a desperation measure. Unfortunately, many people turn to them when they might have other options that make more financial sense. A personal loan from a credit union or a credit card can supply the same funds, but generally at a much lower interest rate. Before committing to a payday loan, it's essential that you examine your other options and choose the best one.
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Payday loans are great when you need fast money in times of emergency when you're left with no other option. Paperwork and other procedures are easy to comply with and you don't really need to submit a lot of proof. In most cases, the procedures combined together barely takes an hour or so (can also be done over phone).
The downside is that the interest rates are often hefty and one needs to return the amount within a short span, usually a month or so. Also, the amount lent is usually not that large ($500-$100).
That not withstanding, it remains a great option in times where you need money immediately.
The downside is that the interest rates are often hefty and one needs to return the amount within a short span, usually a month or so. Also, the amount lent is usually not that large ($500-$100).
That not withstanding, it remains a great option in times where you need money immediately.
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