Pros and cons of payday loansBefore 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
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