Opinion is pretty divided depending on whom you believe instant cash loans are either a fast convenient and safe way to meet lifes unexpected expenses or a disaster waiting to happen the slippery edge of the never-ending precipice called spiralling debt
So which is it Are payday loans a harmless means of helping you out of a tight spot or the beginning of the end Unfortunately all loans whether long-term borrowing solutions authorised by your bank or short term cash injections like payday loans have an element of risk
Payday loans certainly sound great the idea is that you can borrow a small amount of cash for around a month and pay it back when your pay cheque comes in Lenders can transfer the money to your account within a few hours and you can choose when to pay it back Theres a fee of course but its ed upfront so you know exactly how much you owe right from the start
So payday loans are certainly convenient But are they safe Ultimately the decision to take out a loan is yours alone and should never be taken if you cant afford to pay back what you borrow That said any lender has a responsibility to do their utmost to make sure they dont lend money to those who have no chance of repaying it
Payday lenders in the UK generally have checks in place to confirm that loan applicants have a regular source of income a valid UK address a bank account with money available in it and a current email address and phone number Without these things you wont be eligible for a loan as the risk both to you as a borrower and to the lenders themselves is too high to be viable
So is it worth it Borrowing of any type carries some risk and payday loans are definitely not a long-term solution to financial problems But as a one-off cash payment theyre generally convenient safe and hassle free Just make sure you read the small print
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