There seems to be a certain stigma attached to payday loans, as in terms of a direct comparison of APR (Annual Percentage Rate) they can work out very expensive compared to other financial products such as Credit Cards or Unsecured Loans.
The truth of the matter though, is that a simple APR comparison does not really tell the whole story, since they are completely different products and not really intended for the same purpose.
Below is a few examples where a payday loan could be preferred to other means of borrowing:
- Preventing you from exceeding your overdraft limit
- Paying for emergency car repairs
- Paying an unexpected fine or parking ticket
If the need for cash is only short term payday loans can be preferable as they are paid out very quickly and repaid in full on a set date compared to other means of credit which can all too easily encourage the borrower into long term debt. With a payday loan, even though the APR is high it is very simple to manage and know exactly how much you will be required to pay back and when.
Your Money Loans specialise in payday loans for UK customers and can arrange for up to £750 to be deposited in your account today! Click the link below to complete a quick, easy online application.
Apply Now – Your Money Loans