Payday Loans - Are They Really Worth It?

There is no denying it; we are living during some rough economic times. Unfortunately it appears there is no relief in the immediate future and for some people things will get worse before they get better. When you factor in the skyrocketing cost of living, rising number of newly unemployed and lenders bracing for record losses you have the perfect recipe for crippling financial situations for many families. What happens when the paycheck that once lasted until the next no longer makes the stretch? With limited resources and no safety net many people are turning to payday loans to help them in an emergency. Do these loans really provide relief or just get you further in debt?

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Payday loans (sometimes referred as cash advance loans) are a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The length of the loan is generally no longer than two weeks with the borrower making arrangement by either writing a post dated check or authorizing an automatic withdrawal from their bank account on their next payday. Up until this point everything seems on the up and up regarding this type of loan, right? There are some things to consider before you accept this type of cash assistance:

* Consider the fees. Payday loans can get you out of a tight spot in the event of an emergency, but you will not get this assistance for free. You can expect to pay anywhere from $10-$40 per every hundred dollars you borrow. All payday lenders have different contract terms so the payday loan length and dollar amount can vary widely, however it is agreed that payday loan APRs are very, very high when compared to other APRs. Some lenders "allow" you to rollover the repayment essentially extending the loan and you can get caught in a cycle of fees and increasing debt.

* Consider your credit. This type of loan will appear on your credit report. Even if you borrow the money and pay it back without extensions or being past due, any future lenders who see that you have been in such dire situations to need to use this type of loan will consider you a higher risk for repaying their money.

* Consider the source. To find a payday loan, you can physically go to a business offering this type of loan or apply online. If you are applying online be sure to research the company you are dealing with to ensure it is legitimate as you will be required to send them sensitive information such as your checking account numbers, social security number and other information that in the wrong hands can cause you much more trouble than a seemingly simple loan.

Let's face it. If you are contemplating a payday loan due to a financial emergency you are likely already between a rock and a hard place. This type of loan is beneficial as it requires none of the formalities of a traditional loan and you will have access to the funds within 24 hours. The problem does not come from borrowing the money rather can you pay it back? If you had something come up- your car broke down or some other unexpected expense that put you off track financially and you just need the money until you get paid, you might make out getting a payday loan. Regrettably many people that simply don't have enough money and WON'T have enough money will get these loans and end up deeper in debt than they were to begin with. Proceed with extreme caution before you borrow money you may not be able to pay back.

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