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Payday loan |
| A payday loan is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances. Benefits of Payday loans: - offers an alternative for short term funding requirements - approval can be granted within 15minutes, over the internet - available to a broad consumer group (many of whom cannot get credit from other sources) - unlike credit cards, full amount must be repaid on repayment date and therefore imposes more discipline on consumer Drawback of Payday loans: - interest rates higher than other forms of credit - Often charge high dishonour fees if loan not paid back on time - Some providers have a reputation for aggressive collection practices Payday loans are sometimes referred to as short term loans . Technically speaking payday loans are loans for a single pay period whereas short term loans could be for a period up to 12 months. |
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