If you’re going to take out a payday loan, do it right!

Payday loan approved stampIt’s probably fair to say that very few people would relish the thought of taking out a payday loan to make ends meet for that last, pesky week of the month.

Infamous for the sky high interest rates, payday loans can easily lead to a downward spiral of increasing debt, so approach with caution!

If you need some fast cash, the first things to do is consider all the potential alternatives – and if you do go ahead with a payday loan, make sure you will be able to pay it back on time, as per the original agreement.

Money Saving Expert has pulled together a great little guide, listing all the things to think about before taking out a payday loan – check it out here.

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