Whatever way you look at it payday loans can be good and bad. Some people love them and some people hate them. Payday loans can come in handy as they offer a suitable amount of money to keep you on your financial feet, in the event of unexpected expenses such as car maintenance and repairs, larger than expected bills and financial support for family or friends.

Here are some advantages of payday loans:

They are a way of obtaining quick cash almost immediately.

Almost anyone can get a payday loan, regardless of credit rating.

They are easy to apply for and little paperwork has to be completed.

They can improve your credit rating.

They are great for one off cash emergencies.

Here are some disadvantages of payday loans:

You can only borrow relatively small amounts.

You can only borrow the money for a short period of time.

They can attract higher interest rates than other kinds of loans such as secured loans.

So there you have it. The above are just a few of the endless advantages and disadvantages of payday loans. Of course we would all prefer to borrow money from friends or family, interest free, however unfortunately this isn't always an option. Payday loans are there to help all kinds of people for all kinds of situations.