In modern times when time is a key variable, people are always looking for quicker and easier ways to meet their fast-paced lifestyle, especially financial matter.The borrowers often look for funding sources that are quick and easy to approve whether it is legal or not. And one of the loan options which is a hit abroad is Payday Loan, a short-term quick personal loan.
Don’t be scared yet when you find Payday Loan is something of quick loan because it is legally guaranteed. Shops and companies are available for this type of business in many countries. The obvious benefit of Payday Loan is that it is fast and easy to approve within 24 hours or a few minutes after filing and some can be processed through the website. The loan amount is around 20,000 Baht while the interest rate is not very expensive if the payment is timely. Money can be deducted from the payroll every month. Also it does not require a guarantor.
However, nothing comes too easily as there will definitely be a cost as there has been the report said that the interest rate including all fines is up to 400%. There is some deduction before transferring money to our account as well, making us to not get the full amount of limit credit. And if the money in our payroll account is not enough, the company has the right to confiscate it whenever you are transferred again. Said it is quite brutal compared to other financial institutions which also provide loans.
The answer to the question “Is Payday Loan really good?” depends on the conditions of each borrower. The emergency need of money can always occur, so Payday Loan is the practical and legal solution to try. It is certainly better than Loan Shark. However,borrowers need to have strong self-discipline. They should save money in the account to pay back to reduce fines which are to come afterwards. If there is still not enough money, they should reduce the lavish expenses such as cigarette and alcohol, games, shopping, etc. to make the financial situation more stable through the end of month.