If money is a little tight this month, you may have considered a payday loan. Payday loans are a quick and easy way to get money, however they tend to have a large interest rate and require payment back within 30 days. If you are unable to pay the amount loaned plus the interest rate by the deadline you will certainly see a large bill building up. If you decide you need the cash, and will definitely have the money to pay the loan company back on your next payday, you shouldn’t have any issues.
An alternative to a payday loan is an instalment loan, allowing you to borrow money and set a time frame to pay it back by. Time frames can be between 6 months-years, depending on the amount borrowed. You will have to pay a set amount back each month until the full payment loaned has been cleared. Just remember, even with instalment loans, you will build up an interest rate, meaning your final payback amount will be considerably more than what you originally loaned.