Payday Loan is an emergency lending source run by the legitimate shops or companies. The advantage is that it is designed to be simple and fast to fulfill the borrower’s urgent desire. Payday Loan is originally from overseas and has been very popular in United States and United Kingdom.The loan approval period is approximately 24 hours or faster to meet the need of people who are having problems with money before the payday.
Payday Loan Advantages
- Approve within 24 hours or right after submitting the documents
- Approve easily because of no creditor bad debt check
- The credit limit is in the thousands
- The interest rate shown is very little
- Money is deducted from payroll account
- The installment can be up to years
Payday Loan Disadvantages
- Expensive processing fees such as approval fee, late-payment fee and collection fee
- High interest rate as reported overseas that it was up to 400% including all fees
- If there is not enough money in the payroll account, the company has right to deduct money whenever it is in
Considering from both its advantages and disadvantages will help you decide whether to still want to get it or change to another option. But please keep in mind that it is better you manage your financial situation well before the emergency need will happen.