It's not all positive though - there is a major downside, and that downside is the cost. The flat fees charged of around 20% of what you borrow, when combined with the short borrowing period of days or weeks, add up to some pretty horrific APR figures. Expect to be quoted interest rates of well over 1000%, and while these figures give a somewhat distorted impression of how much you'll actually pay, there's no denying that payday loans come at a heavy price. If you're already struggling financially, then the burden of paying the money back along with the high fees might be the straw that broke the camel's back, tipping you over into serious money troubles.
So should you take out a payday loan? If you need money urgently, have a poor credit rating, and will find it difficult or impossible to raise funds from another source, then you may decide that the high price is worth it. Just make sure you understand what you're getting into before you apply.
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