What are the disadvantages of a pay day loan?
* a pay day loan is very expensive compared to other types of loans.
*to obtain a pay day loan, you must provide a lot of personal information.
*the interest charged on a pay day loan is much higher than the interest charged on other
types of loans.
*the many fees can add up quickly.
*a pay day loan will not improve your credit rating if you make your payments on time.
*if you don't pay back the loan and it goes to collection, this could bring down your credit
rating.