Add to the problem.
With a payday cash loan, you may actually be compounding the problem. With the high interest and potential fees, it usually adds up to a lot of money. Payday loans are not a long-term financial solution. They are designed to solve short term problems such as car repairs, pay bills etc. If you're looking to get a payday loan, chances are your financial situation is not good.
Easy payday loans involve fees and interest payments. The charges associated with a payday loan are quite a bit higher than for a standard bank loan. And if you are unable to pay your loan in full by the contracted time, the fees may double. These short term loans are seriously expensive. In fact, the average lender of payday loans charges no less than $20 as interest for $100 borrowed, with the repayment period generally ranging between 10 to 30 days.
Short payment period
They have short terms and must be paid back quickly, usually within 10-30 days. This can be a disadvantage where a client is not able to get the money within those days. One may be forced to take up another payday loan to pay the first one or charged a late payment fee.