Payday Loans Pro's and Con's
Payday Loans, often referred to as cash advance loans, are
amounts lent by specialized lenders to borrowers until the next
pay day. Typically, payday loans are extended for amounts that
are less than $1,000. The loan is extended to the borrower
against the personal check of the borrower that is placed with
the lender until the next pay day. The cost of carrying payday
loans is very high as the risk of default is high, since
generally borrowers who find themselves in a very difficult
financial situation avail of such loans. Why are Payday loans
popular?
They are popular for a number of reasons such as: