Is payday loan is a good option in case of emergency?

Question

I have many financial issue and I wish to get a loan. My friend suggested me to get a payday loan.

Answer

Generally okay if you know you can pay it back in the short term (i.e. with a pay cheque). Be aware that the interest rates are extortionate, though, if you don't pay it back. I've often seen figures quoted upward of 4000% APR. That means if you borrow &pound;250 and can't pay back for a year, you'd owe &pound;10,000. If you couldn't pay for two years, you'd owe &pound;400,000.

If you're only borrowing for a few days then the interest can be fairly negligable.

Answer

well to my estimates you get charged 15 dollars for every100 you get and you have to pay it back with in a certain period I would think about it cause it does add up so you want to make sure you can handle it

Is payday loan is a good option in case of emergency?

Answers (2)