Payday Loans

What is a payday loan?

A payday loan is a loan that usually lasts just for a few days. It is designed to help you get through the rest of the month – to payday – if you have run out of money.

What are the risks with payday loans?

There are three main risks.

  • The interest rates on payday loans tend to be very high. This makes them an expensive way to borrow money, and you may end up sliding further into debt.
  • You need to be confident that you can repay your payday loan on time. Otherwise this could damage your credit score.
  • Repaying your payday loan may leave you short of money the following month as well. This means that you could get trapped in a never-ending loop of having to take payday loans earlier and earlier in the month to plug the gaps in your finances.

Is there an alternative to a payday loan?

Yes. If you are regularly running out of money towards the end of the month, then it’s better to take an overall look at your finances to see what is causing the problem. 

If you need a cash injection, for example to sort out some other debts, then a personal loan could be a good alternative to a payday loan. With the lump sum from the loan you could pay off your other financial commitments. You would then have just one manageable monthly payment to make, until your personal loan is paid off.

 

But can I get a loan with a poor credit history?

Yes. At Advantage Loans we will consider a loan application even if you have poor credit history. We understand that financial circumstances can change, and consider each case on its merit. As long as you are able to afford the loan repayments we may be able to lend to you.

 

So if you need a financial boost to help you get your finances sorted, take a look at the details of our Advantage Loan. If you want to go ahead, it is then very quick and easy to apply online to Advantage Loans.