Can Payday Loans Ever Be The Right Choice?

01 June 2012 14:30 - Mark Maffia

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Can Payday Loans Ever  Be The Right Choice?

Payday loans are definitely not the right way to borrow large amounts of money over a long period. As payday loans are expensive, it is worth considering all your options before you apply. Despite the bad press, can payday loans be the right choice for you in certain circumstances? With payday loans they are very fast and accessible because the application can take minutes and there are minimal if no credit checks.

If you have been lumped with a bill and you do not have the money to pay for it then a payday loan could be considered. Be careful with overdraft charges which can not only be really expensive but you risk damaging your credit score. Not paying your bill could also hurt your credit rating so in this instance it is worth considering a payday loan. Payday loans can also be considered it you need money for an emergency Ė you might need to have your boiler fixed or pay for urgent car repairs but you do not have the money or credit.

You should never take out a payday loan it you canít afford to repay it. This is because if you fail to meet the loan agreement, the lender might charge you the interest that month and roll the debt over to the next one, but then you would pay the interest again. This could become very expensive fast.  Make sure you compare different payday loans to find the best loan for you.

 

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