This makes it easier to borrow, but there's a danger that even those with a poor credit history and no income might be able to take out a loan they can't afford.
Did you know. Some mortgage lenders won't accept applicants who've taken out a payday loan in the last few years - even if the loan's been settled. Rollover payments. Some payday lenders may offer you the option of rolling over your payments and bill it as 'giving you more time to repay'. The problem is you'll be slapped with even more interest. If you can't afford the repayment now how will you afford it - plus more - in a month's time. The dangers of payday loans.
Despite their speed and convenience, there are some compelling reasons to avoid payday loans.
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