It’s true that payday loans can get you out of a sticky situation fast. That said, they can also get you into an even stickier situation, so when is it okay to consider getting a payday loan? Well, let’s first understand what a payday loan actually is. It’s a short term loan agreement. So to clarify that’s short-term not long term!
This means that paying it back as soon as possible is going to make it a reasonable option for somebody with a short term need for funds. If you need a long-term loan you must avoid this at all costs. Otherwise interest rates will build up quickly, so too will the deadlines for repayment. Only commit to a payday loan if you need to borrow money for several days max, otherwise a giant loan shark will make a complete and utter muppet out of you. You can take our word for it.