Payday loans are not the perfect credit product that the lenders would have you believe. In fact thees loans have several disadvantages that you should be inform yourself about if you are considering using them.
The advantages of payday loans are obvious, you get super fast cash delivered into your bank account and the only thing you have to do is fill in an application form online. You don't have to leave your house and you don't need to fax any personal documents to the lender. The only requirements are that you are a UK citizen, are in full time employment and have your own bank account.
The first negative aspect is the very high interest rates applied to the loan, if you borrow £100 you will have to pay back something in the region of £120. This may not sound a lot but if you are only borrowing it for a week or so thats an astronomical percentage rate. Only used once in a while that may not be a big deal to you but if used on a regular basis a UK payday loan can become a very expensive habit.
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