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Payday loan reviews
Listed down is the opinions and reviews of sites regarding payday loans:

“Payday loans are instant, short-term cash advances against someone’s next paycheck. They can help in emergencies, but can also leave borrowers indebted for years.”
Source: journalistsresource.org

“On that day, a three-day payday loan, with a few dollars of interest, enabled me to avoid a significant overdraft fee. The legislators debating the merits of payday lending didn’t mention situations like that. The lesson? Powerful people sometimes do things to help people like me without really understanding people like me.”
Source: forbes.com

“According to one study, 91 percent of payday loans are made to repeat customers, cash-strapped workers who fall into a debilitating cycle of high-cost debt. These repeat borrowers often pay far more in interest and fees than they ever received in cash advances.”
Source: lacrossetribune.com
“They’re high cost, short term loans with more tricks than a Crufts show
Payday loans are short-term lending often used by people to tide them over until payday. They’re often very easy to get – some even do it on mobiles while drunk, which makes them feel convenient. But it’s that very ease which is the danger. If you don’t think about what you’re doing, it can be a nightmare”

“Payday loans charge more for a month than credit cards do for a year
Payday lenders usually charge a fee instead of an interest rate. Typically, a £100 loan for a month has a fee of around £25, so you need to repay £125. To put that in context, if you borrowed the same amount on a bog-standard credit card at 20% APR, then provided you didn’t miss any repayments, it would cost £20 to borrow £100 for a YEAR – £5 LESS than payday lenders charge for just one month.”

“1,000%+ APRs are mostly meaningless apart from as a welcome scare
If you express the typical charges payday lenders make as APRs most work out as over 1,000%. This is a useful warning against what can be dangerous products, but these APRs are mostly meaningless. That’s because if you borrow over a very short term, even a small fee can become an astronomical APR.”

“If you’re regularly getting payday loans, there’s a problem
Payday loans should never be used as a way to fill the gap between your incomings and outgoings in a month. If that’s happening to you, there’s a fundamental problem that a payday loan will only make worse not better. The most important thing to do is to sort out a budget, to try to balance your costs and income”
Source: moneysavingexpert.com

“Payday Loans a Crony Capitalist Target”
Source: wsj.com

“is a payday loan good or bad? The answer to this question depends on your situation, your time frame, and the decisions you make.”
Source: snappypaydayloans.com

“Although people have a choice to get them it does not change the fact that they charge more than allowed by law and it is poor people that they prey on to get their money no person that had money would get one. It is mostly people on SS disability and things like that. Sometimes you have people that don’t have understanding due to disabilities so they get these and have to continue getting them and the companies know this and they find loopholes in the law and run with them. It appears the lobbyists are smarter than the legislators.”

“One could argue that these payday loans sometimes do help people with short term problems whether that be a broken car radiator or something they need a cash advance for. For that it is a good thing that they get these payday advances. But the percent of interest may be too high which can cause them to be a reoccurring circle of debt. Not only will those drown the person accepting the loan but it will eventually drown the greedy banks who force these peoples into this circle. When a bank makes a short term loan with high interest, the only way the person will pay it back is check by check until the interest accumulates so much so that they default on the bank. The bank will than have inflated the value of money so much so that not only will they not get paid back the money but the money they do have will be worth nothing. This is the cyclical nature of banks in the greedy world we live in. The most important thing to note is where the greed starts, and it is in the very loan you take out that you cannot afford, for something you really don’t need at all”
Source: debate.org

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