What is a Payday Loan not for?

A payday cash advance is not a permanent solution to any long term financial problem. This is because the interest placed on the payday advance loans is set at an extremely high rate.

A terrible mistake would be for a borrower to obtain a payday cash advancement to pay off another debt as the APR percentage will place further strain on the repayment and cause more financial worry.

If the date of a repayment is not met further charges are placed on top of the loan amount and interest. This means the overall cost of the loan is heavily inflated.