12:04 10 October 2013
Short term loans are associated with payday loans by many people, which have a very poor reputation. The UK Government backed payday loans a couple of years ago, saying that they cover an important gap in the financial market, only to speak against them recently, accusing the lenders of irresponsible lending.
But how do payday loans work and why are they so ill-reputed? And, most importantly, can you sign up on a payday loan with the same safety that you would have from a regular bank loan? Here are the facts that you need to know about payday loans:
Of course, you should only turn to payday loans if you have an immediate, pressing financial emergency, and should try to avoid them otherwise. You can sign up to a payday loan provided you know you can repay it in time and remain aware of the interest rates and charges.
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