Things You Must Know about Pay Day Loans

Planning to go for PayDay loans? Confused?

PayDay loan is a small short-term unsecured loan. You generally get this loan from a business but not from bank. People borrow PayDay loans just enough to go through their next payday.

While it may seem simple – a small, short-term, unsecured loan but actually there are many risks and dangers. Pay Day loan providers generally charge a higher fees for the amount. This makes the interest rates very high.

Here is an informative infographic on PayDay loans, how they can affect your pocket drastically and which steps you can take to minimize the risk. Before going to borrow Pay Day loans there are certain things you need to keep in your mind.

Know that if a one month loan at 20% interest is deferred/ rolled over for 6 months then the amount you have to pay would be more than double of the original money your borrowed. There are many different types of loan providers who can loan fees can range from £13- £18 to as high as £100.

Lets go through this interesting infographic and try to figure out the real face of Pay Day loans.