Are payday loans good or bad?

A payday loan refers to a cash loan advanced by a small lender and the person being loaned the money uses his monthly income as a promise to service the loan. It is like taking an advance on his paycheck. Many lenders will offer anything from $50 to $100; this amount however depends on the level of income of the borrower and any verifiable that he may have.
These include bank accounts, job, income, and telephone numbers among others. These loans are quite helpful especially when you  are faced with an emergency; they can be approved within a very short period of time as the lengthy paperwork involves as is the case with many banks is not involved more so if you go online to secure the loan. These loans also enable individuals not to harm their credit history because of failing to pay their bills on time.
These loans however have a number of negatives. For starters, the interest rates charged are quite high ranging from 100% up to 400% and this makes them expensive. For you to be in a position to avoid any financial problems in the future, it is advisable to only borrow the amount that you need. Visit the author’s original resource article (in Dutch):