Why Are Payday Loans So Popular?

30 March 2012 09:00am - Mark Maffia

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Why Are Payday Loans So Popular?

Payday loans are short term loans aimed specifically at those who are struggling before their next payday. Payday loans are really convenient and easy to get hold of as no credit check is required which makes them a really popular for New Zealanders who need to get out of a tight financial corner. However, payday loans have a lot of bad press particularly as the interest rates are very high but they are not designed to be used regularly. Payday loans should never be the answer to long term debt or financial problems and should be treated as a last resort.  If you have been lumped with a bill or need to pay for emergency repair work and you do not have the money to pay for it then a payday loan could be considered.

You should never take out a payday loan if you canít afford to repay it. This is because if you fail to meet the loan agreement, the lender might charge you the interest that month and roll the debt over to the next one, but then you would pay the interest again. This could become very expensive very fast.  As with any financial product, with so many lenders on the market, you should compare as many as possible to find the right deal for you.

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