Payday loan - is it good to take out one or not?

No doubt, payday loans can offer you fast cash without any minimum credit score requirement. But its incessantly high-interest rates can burn a hole in your pocket. If you really need urgent money, it's better to opt for credit card cash advance.

Pay loan is good to manage any emergency. But you should repay it within time. Otherwise, you will fall into a vicious cycle. Also, avoid illegal payday lenders to avoid financial hassles.

Payday loans are bad. Period.

If you wish to get into a big financial mess, go ahead and borrow a payday loan. The interest rates on payday loans are very high. They can go up to 500%. Are you ready to pay such a high interest rate? Can you afford? Lenders will take money from your bank account till your debts are paid off. They won't bother even if you have to pay overdraft fees.

Why not venture out other options instead of taking out a payday loan? You can take out a personal loan instead. You can also borrow the amount fro your friends or family. Whatever you do, make sure you repay the loan amount on time and as per agreement.