A payday loan - it is a simple financial instrument while one person borrows money and the other (financial institution) gives it out. A payday loan is different however, while with usual small loan you are offered 2 years to repay your loan, the payday loan usually offered is for 1 to 2 months only. Also you would have instead of interest, just a contract fee, which is usually relatively high.
Laen SMS Laen Kiirlaen
Let's take a simple example:
Loan: EUR 100.00
Contract fee: EUR 10.00
Seems like a small amount to pay for borrowing. The catch is that you would have to repay the loan in maybe 10 days as well. So comparing to a simple loan with 25% interest a year, with this contract fee, your yearly interest would be around 300% instead.
Instant Payday Loan
There are usually other catches about these payday loans. Those usually will not happen, when you pay your loan back at the right time. However, if you do not have the money at that moment, you should extend your contract (which probably costs another EUR 10.00). Or if you forget about your loan, you will be sent an SMS which you pay for, about EUR 10.00 as well. Just the reminder (And no worries, you signed the contract, accepted the contract, and it is written in there, I promise).
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What you could do about those payday loans. Don't take them. Or you should find the cheapest. Compare those at Payday Loans
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