Pros and cons of payday loans

Before deciding on whether or not a payday loan is suitable for you, it is important to consider the advantages and disadvantages of this service.

Advantages:

Payday loans enable you to receive a cash advance without resorting to long-term loans, or in other words - long-term debt. Taking out a payday loan has no impact on your credit rating and you have the luxury of being able to discuss the terms of your finance situation with a bank/lender.

Disadvantages:

Payday loans are not suitable for long-term lending due to their high rate of interest. This form of payment is only cost effective if used over a short-term monthly period

Lender Loan Amount Employment Bank Account Faxing Required Charges   Up to £750 Yes Yes No Various Apply >> Up to £750 Yes Yes No £25 for every £100 Apply >> £80 - £750  Yes Yes No £25 for every £100 Apply >> Up to £750 Yes Yes No £25 for every £100 Apply >> £80 to £750 Yes Yes No £25 for every £100 Apply >>