What are the benefits and drawbacks of payday loans?

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  1. Princessa profile image79
    Princessaposted 14 years ago

    What are the benefits and drawbacks of payday loans?

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  2. sjames4444 profile image61
    sjames4444posted 14 years ago

    You pay someone to give you money sooner. If you make $100 and you pay $10 to get it sooner your only making $90.

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    1. MyWebs profile image81
      MyWebsposted 14 years ago

      The main benefit is that you can get some quick cash in a pinch.

      The major downside is that the interest rates these places charge would make a loan shark blush. Yes the rates are THAT bad. The APR, annual percentage rate, in the state of Nevada for one of these legal loan sharks located here in Las Vegas is 430.18% with a checking account and 573.57% without a checking account!

      Payday loans are a financial trap no one should ever get caught up in. If for some reason you can't pay off the loan on time you will be stuck making interest payments which add up rather fast. A person should never ever use these services except as a last resort in an emergency.

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    2. houstonloans profile image38
      houstonloansposted 14 years ago

      These are loans that are used daily by some, but really should be a last resort after having asked friends or family for help. The do have their place, but should not be looked upon as an ATM, but rather a "Break Glass In Case Of Emergency", type of issue.

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