Are payday loans a good thing to do when short on cash?

I would like to know the pros and cons on payday loans. Any help at all would be great. Thank you. :)

the interest rates are ridiculously high, many times they charge the max the state allows, unless you're going to come into some money soon enough to pay it off quickly then I'd say perhaps tough it out, if you're having problems with paying your bills and this inability to pay is a new thing th ebest thing to do would be to call your creditors and explain to them that you can't make a full payment and are trying to get caught up, sometimes they'll work with you. A payday loan is a LAST RESORT. It's almost better to pawn some junk than to get a pay day loan.

It's a quck way to get money but the interest rates are very high.

No. You will end up going deaper into debet. Becuase the interest rates are so high, you will not be getting the amoung of money you are looking for/need. Look at other possbile options for finding the necessary cash.

No way. I haven't gotten one myself but my roommate in college did. He went back and forth to several ones to pay off of the others. It sounded great in the beginning-having money for spring break but he didn't realized how much $500 would end up costing him in the end. By the time he paid all of the places off at the end of college, his total at the last place was nearly $3200.

Payday Loans are soooooooo bad that shouldn't even be considered a last resort......don't do it.....stay away..... There are no pros to using them....they are bottom feeder loan sharks who prey on the people who can least afford it. You will pay 400% and if you have to "renew" the loan.....you might as well sell the kitchen sink because they will rob you.

They are sooooo bad. In fact, they should probably be illegal. I think you'd get better terms borrowing from the mob.

NO NO NO Payday loans are loan sharking plain and simple. It is a trap. Avoid it if at all possible. Build up your credit and use that if you are short of cash (even at 18%, a credit card is much better than a payday loan). Their are no PROs to a payday loan

A payday loan is for a very short term, until your next payday, they charge you $30.00 for $100.00 because they spend around 30 minutes analyzing your case and need to pay to someone to do it, if you go to the bank to ask for $100.00 of course you are not going to get anything because they are going to spend one hour with you and if they charge you a 5% = $5.00 it would be a very bad business for them, that is why payday loan can not be compared with a normal loan. A payday loan should be used for emergencies only and shall be paid as soon as you can.

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