If you’re not informed about this kind of financing, this post presents both good and bad side of payday lending. Information in these articles is brought to you by BadCreditResources.com. Read more: http://www.badcreditresources.com/articles/the-pros-and-cons-of-instant-payday-loans/

1. By: www.badcreditresources.com

2. Quick payday loans are short term loans
for consumers who need immediate cash
If you’re not informed about this kind of
financing, this post presents both good
and bad side of payday lending

3. The Pros of Payday Loans
 It can be difficult to obtain a regular loan and times
during emergencies, borrowing cash from a payday
lender could possibly be most viable option.
 An interested borrower can fill out and submit the
application online. Upon approval, the lender will send
the funds through electronic transfer so the borrower
can withdraw the cash on the same day.

4. The Cons of Payday Loans
 Despite the convenience that payday loan
offers, consumers are warned against acquiring
this form of help in a hurry.
 Before acquiring cash advance from a payday
lending company, consider the possible
consequences.

5. The primary disadvantage with cash advance payday
loans is the steep interest rate
 Payday loan lenders can charge 200% up to 300% interest
rate
 Some lenders may even charge as much as 500% interest
 The rate will depend on the lender and the State laws on
lending.

6. There is a great risk of being stuck in bad debt
when a payday loan is not paid in full and on time
because of the steep rate of interest.
If you fail to pay back the loan by your next pay
check, you will incur the additional interest charge
which can range anywhere from 100% to 300% of
the loan amount.

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