Supporters of payday loans argue that the processing costs for these loans do not differ from other loans. They say that moderate interest rates for low borrowed amounts and short terms would not be profitable. For example, a $200 one-week loan, at a 20% interest rate would give the lender only 72 cents of interest, which would not cover even processing costs.
Defenders say that payday lenders processing costs are much lower than costs for home loans and other usual loans. Besides payday lenders require only the proof of borrower’s income and employment, while traditional loan lenders do full credit checks and values the borrower’s ability to pay out the loan.
There are more payday loan stores in the United States than there are McDonald’s restaurants so if you are in desperate need of an emergency infusion of cash you may be one step away from your goal.
But if your car is sitting in the driveway leaking vital fluids, you may not even have to leave home to get a payday loan as many purveyors of the service are now online
We can get emergency fund with payday loan. We can be benefited in our bad time by payday loan. But Payday loan can be debt trap for some one. If you have caught by payday loan debt you can seekpayday loan debt helpfrom the online financial company. They can give best financial solution.