Payday loans are short-term cash loans that are designed to help people to cover expenses that need to be paid before their next paycheck. These types of loans are intended to bridge the gap between the dates when expenses are incurred or when bills need to be paid and the borrower’s next payday.
Their ads are on the radio, television, the Internet, even in the mail. However, payday loans come at exorbitant costs. This can — and often does — lead borrowers into a downward spiral of rapidly escalating debt.
So, the question is who are really in need of payday loans?
Payday loans are for those who have bad credit. These people couldn’t get loans from bank or credit card. But they still qualify for payday loans. For some urgent need such as a disease.
Payday loans are for those people who have a bill must to paid before their next payday. Sometimes, if you couldn’t pay for your bill, you will get a bad credit. This time, you can get imediate loan from payday loans.
Payday loans are fot those who have a high shareholder return business. Some entrepreneur may get into a situation that the have no money in his hand but have a great business idea need money immediately. This time a payday loans maybe your choice.
Fees associated with payday loans are exorbitant, translating into annual interest rates of 200 percent or higher – usually much higher! So, just be careful before you submit your apply form.