Payday loans

            Payday loans have gained a slight popularity thanks for seo engines and other google algorithms as more and more lenders are coming up with these type of loans to eager borrowers. To give a very straight forward opinion of mine I would say apart from search keywords, these are high risk, high maintenance loans that might make your neck even more stiff than easing it out. The other day I was playing an online game on managing your cash, balancing your income, expenses and liabilities, the most striking thing that came to me was that, the more loans I took higher the chances of me going bankrupt and eventually loosing the game became, of course you can agree to disagree with my observation. Eventually my thoughts came back to Payday loans, these ones are nevertheless easy to take and certainly help you pay-off those pending bills or nagging landlord.

            I do not intend to explain the definition of Payday loans here but rather discuss a few vital points in deciding to go for one or not. Payday loans or cash advance loans basically allow you to take a loan (supposedly hassle free) from your next pay check. If you are short of time and want quick cash then this might be the route. Nevertheless one should consider a few risks like; lenders do not abide by the rules so care should be taken while deciding on the lenders, risk of sharing personal and financial information.

            Care should be taken in deciding between various credit options, also compare the lenders and check their reputation. One should also consider various other aspects in deciding for such loans, like your personal credit history (not which the bank maintains) but what you know. Are you good in doing financial maths and paying back to your creditors (oh I have been so bad that I lost previous money into interests and late fee), if not then payday loans come with this risk, of overdraft in account or being referred to collection agencies or litigation by lenders. In essence these are informal type of loans, although one would find plethora of online services and lenders eager to provide you with one.

            In conclusion all I would say is, you should consider a few alternatives before going for such a loan. One of the best course is being frugal, making a budget which comes within your cash or checking on with family and friends to get some interest free loan.