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.

Compare Payday Loan Providers
Lender Loan Amount Employment Bank Account Faxing Required Charges Get a Quote
Payday UK
 Up to £750 Yes Yes No £25 for every £100 Go
Payday Bank £80 to £750 Yes Yes No £20 for every £80 Go
£80
to £750		 Yes Yes No various Go
Quids till payday £80
to £750		 Yes Yes No various Go