The Real Cost of Payday Loans

Payday loans are loans which are to be repaid at the next payday of the receiver.  One advantage of Payday loan is Pay day loan no credit check , meaning that while providing payday loan moneylenders generally don’t check the credit history of the receiver , Moneyminutes.in check the credit history of the receiver but they provide loan on the basis of present salary or financial capacity of the person.

The real cost of payday loans or you can say the biggest disadvantage of payday loan is the high interest rate. People generally end up paying high interest than the regular loan when they take a payday loan, but it is their need to take payday loan as the regular loan require some security to be kept and many more other formalities.

According to a survey generally people with low income end up taking quick payday loans, again the reason is that they don’t have anything to keep as security against which they can take loan and have to go with payday loans which cost them more interest.

Another surprising fact is that because it is to be repaid on the receipt of next salary, it is taken by people who are employed full-time but as mentioned above that payday loan is mostly taken by low income group.

So to conclude payday loans have its own advantages and disadvantages but the real cost of payday loans are quite high and a person who is not able to get a regular loan will go for Payday loan, as no one wants to pay high rate of interest. 

For more information on availability of quick loan you can check Moneyminutes.in, they are offering all sorts of loan at a lower interest and moreover everything is online, therefore you can get loan in minutes while sitting on your couch.