Payday loans are not the right option for you if you are hoping to gain some extra cash for alcohol, gambling, socialising or frivolous purchases. They’re better to be used for unexpected and urgent bills such as home repairs and medical bills.
Payday loans are also not the best choice if you are trying to rectify a long-term financial issue. Be sure to look into the payday loan repayment terms carefully and assess whether you will be able to afford them, before taking out a payday loan.
It is important to note that if you fail to repay the loan, interest can increase on your loan and your credit rating may be negatively impacted. A poor credit rating usually makes it more difficult to be approved for another loan in the future.